In the 10 years since the onset of the Great Recession, the portion of U.S. households renting rather than owning their home has risen significantly. According to recent analysis by Pew Research, the U.S. now has 43.3 million households headed by renters, with the portion of renters now at 37% (per the Pew Research report: “More U.S. Households are Renting Than at any Point in 50 Years”).
Addressing the electricity needs of renters presents utilities with the need to address a range of unique requirements that impact electricity rate plans as well as the ability to promote energy efficiency, demand response, and other programs.
It is therefore of interest that TXU Energy recently launched a new digital tool and multiple rate plans designed exclusively for apartment renters, including TXUeLease, a platform that TXU tailored for those who live in apartments, while also providing benefits for apartment owners and managers.
"We understand that residential renters have unique needs when it comes to electricity," said Sydney Seiger, chief marketing officer for TXU Energy. "Living situations vary – how many people they live with, how long they're leasing, and more. It all impacts what they need from an electricity plan."
TXUeLease helps renters find the right plan based on their particular living situation. By answering a short set of simple questions, renters are presented with a tailored list of plans that fit their unique lifestyle and electricity needs. Within seconds, renters are able to get signed up, have their lights turned on same-day, and automatically send proof of service to the property manager – meaning renters have one less thing to do before moving in.
Property managers and owners can use the account management portal of TXUeLease to make it easier to track tenant transactions.
"We're excited to be able to offer this first-to-market digital platform that is convenient, helpful, and simple for renters and landlords," Seiger says. "Something as essential as electricity shouldn't have to be complicated."
Along with the TXUeLease platform, the company is launching two new plans and an exclusive guarantee, created specifically for multi-family renters. TXU Energy On Your Terms is for those who need the flexibility of a month-to-month contract but still want the price assurance of a term contract and no cancellation fees. TXU Energy Power Bank allows customers to get a predictable bill, plus they can bank any electricity they don't use and save it for future months when they need it more. Finally, knowing the needs of renters can change a lot, the True Fit Guarantee allows renters to change their plan at any time if their current plan is no longer the best fit – without penalty.
Another added benefit is that renters have access to TXU Energy's mobile app, deposit flexibility, and multiple ways to pay – including bill payment splitting for roommates.
The full TXU April 11, 2018 press release is at this link.