Securing optimized pricing on electricity and natural gas is often a complex and time-consuming process for business owners. With so many suppliers, rates, and tariffs available, ensuring you’re getting the best deal is challenging. Fortunately, solutions like OpenEI and RateAcuity offer powerful databases that allow businesses to quickly and easily compare prices.
But which one should you choose?
This article looks closely at both options to help you decide which is more suitable for your needs.
Two Solutions, Different Approaches
OpenEI offers an impressive amount of helpful and accessible information for those researching electric rates. It utilizes a crowdsourced approach, enlisting the help of volunteers to update the database.
This allows users to enjoy the perks of low-cost alternatives but also leaves them with access to limited customer service in some cases.
On the other hand, RateAcuity boasts its unique utility database, facilitated by full-time specialized staff who focus on accuracy and timeliness. The added level of service makes it stand out, enabling customers to gain access to all the necessary utilities as quickly and efficiently as possible — through a monthly recurring fee.
Although it comes at a price, RateAcuity provides peace of mind knowing you have someone behind the scenes making sure your experience is up-to-date and secure.
If you need more information to decide which one is for you, let’s delve deeper into their features.
OpenEI is a free database. While there is a lot to like about this utility database, there are also considerations to keep in mind.
- What We Like
OpenEI offers a wide range of data sources, making it easy for users to find what they need. The database also provides detailed rate information for electricity and natural gas for users to compare providers without having to search multiple databases.
OpenEI is an excellent option to consider if the timeliness of data isn’t a priority, as the platform houses a wealth of useful energy-related information.
An added benefit is that the data is in a standardized format, making it easier for users to search and find what they need efficiently.
For those not requiring a high degree of accuracy, OpenEI fits their data needs nicely.
- What We Don’t Like
OpenEI’s mission to provide open energy data is admirable, but, unfortunately, there are challenges.
Their rate sets for utilities often aren’t kept up to date, making analyses untimely. Some utilities update their information monthly or quarterly, while others don’t regularly update at all.
Additionally, OpenEI provides no data-accuracy statistics on its site, so there’s no way of knowing how accurate its data is.
Plus, there’s no customer service contact on the website, so it is hard to get help when needed. Despite its potential usefulness, the limited reliability of OpenEI makes it a less-than-ideal choice for accurate energy data analysis.
RateAcuity is a paid alternative to OpenEI. Unlike OpenEI, it offers timely access to accurate and up-to-date energy data. Here’s what you need to know about this paid service.
- What We Like
RateAcuity offers top-notch data and customer service. With a team of highly trained full-time representatives, they are quick to respond and offer solutions to address any concerns you might have.
Additionally, RateAcuity’s cutting-edge system offers a way to reduce risk and make better decisions about rate schedules. Take advantage of the most current rate sets available in their database. Compared with OpenEI’s data, RateAcuity had more recent information 93% of the time.
For those needing access to reliable and timely rate information, RateAcuity is an excellent choice.
- What We Don’t Like
One consideration of RateAcuity compared to OpenEI is that it isn’t free. However, the good news is that RateAcuity offers an attractive option for those interested in testing out their services — a 14-day trial. Test their database and see if it has all the features and information you need.
After 14 days, you’ll pay a recurring monthly fee to continue accessing the up-to-date utility data RaqteAcuity provides. (Looking to evaluate ROI? Click here.)
Whether this cost justifies the additional value RateAcuity offers over OpenEI depends on your needs. Consider all your options before making such an important decision.
Which One Should You Use?
While both OpenEI and RateAcuity are resources for anyone looking to compare electric and natural gas rates, each has its strengths.
OpenEI is ideal if you need a free tool with comprehensive rate comparisons and analysis features.
However, if you require more detailed rate information from multiple sources across the country, real-time updates on price changes, and customer support services to help maximize your savings, then RateAcuity is the better option.
Contact us today to learn more about how our company helps you optimize your utility costs.