Voyager Suite
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CommercialCafe Suite
Elevate Suite
Procure to Pay Suite 
Energy Suite
Aspire
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Yardi Corom
Did you know that residents can choose their electricity provider in certain markets? Retail energy markets give consumers the power of choice, which includes the ability to select a competitive energy rate. Read on for information about retail energy providers, green alternatives and where renters are finding the best deregulated energy sources to protect against rising electricity rates.
Energy basics: the electric grid
Most consumers take it for granted that the lights will turn on at the flip of a switch. However, the system that makes this possible is complex, involving power plants, transmission lines and various market participants. According to the U.S. Energy Information Administration (EIA), the U.S. electric grid comprises more than 12,500 utility-scale power plants that serve more than 160 million customers. Electricity isn’t easily stored, so grid operators and regional balancing authorities must constantly work to balance production and consumption.
While supply and demand influence the price of electricity, regulators closely monitor and govern the market. Some authorities work to ensure grid stability while others focus on supplying and billing consumers for the electricity they draw from the grid. Under the traditional model, consumers depend on a single, tightly regulated provider in a vertically integrated power market.
In deregulated energy markets (including 17 states and the District of Columbia), multiple energy providers compete to sell retail electricity to residences and businesses. This provides consumers the choice to shop among various retail plans, which offer competitive pricing, green energy options and other value-added services.
Power in consumers’ hands
With the freedom to choose the best deregulated energy sources comes the challenge of selecting the right plan. Understanding contract terms, rates, hidden fees and energy plan options can help businesses and residential energy users manage costs.
So, how can renters make the best choice?
One way is with ResidentShield Power, which serves as a retail energy provider for residents and properties, simplifying electricity plan options with online enrollment and paperless billing in Yardi Voyager and RentCafe.
While residents can get fair and fixed electricity plans in RentCafe, property managers gain unprecedented visibility and support with ResidentShield Power. With streamlined billing for common areas and automated continuing service agreements for vacant units, they avoid the inconvenience of service interruptions while reducing time spent managing energy plans.
“When a resident opts into an electricity plan with ResidentShield Power, their fixed-rate contract is set to automatically start when the resident moves in and end when they move out, saving time for residents and property managers,” said John Pendergast, senior vice president for ResidentShield Power.
It’s easy for new residents to sign up, with a move-in checklist and secure electricity ahead of their move-in date. Current residents can just as easily switch providers through the RentCafe resident portal.
From there, residents can enroll in a fixed-rate electricity plan with no hidden fees.
Your partner in deregulated retail energy
ResidentShield Power is currently available to multifamily properties and single family homes in deregulated areas of Texas, with plans to expand into additional deregulated energy markets in the near future. Its mission is to redefine retail energy for real estate and offer up the best deregulated energy sources. Reach out for a strategic consultation on your procurement strategy.
