Texas-based Pennywise Power's mission was to bring together great prices and dependable service. Pennywise Power offered fixed rates for electricity supply to residential customers in Texas.
Pennywise Power Electricity Plans
| Plan Type | Terms Available | Details | Termination Fee | Our Thoughts |
|---|---|---|---|---|
| Residential Fixed Rate | 7, 12, 24 months |
|
Ranges from $75 to $200 | These rates are standard in the Texas retail electricity market. We tend to recommend fixed rates over variable rates, since they are more predictable. Keep in mind that you may be required to pay a deposit with some of these plans, but this is standard among all REP (except for prepaid electricity plans). |
| Residential variable | 1 month (renewed each month) |
|
$0 | The price showed will only be valid the first month. The other billing cycles, the price will evolve, and this at the sole discretion of Pennywise Power In general, we don't recommend variable rate plans because they can be unpredictable. |
Explanation of Plan Options
Fixed vs Variable Rates Options
A fixed rate does not change over the whole period of the contract, meaning that for the length of the contract (3, 6, 12, or 24 months) the price you pay for electricity in ¢/kWh does not change. In general we recommend choosing fixed rate contracts of at least 12 months or more. As electricity prices per kilowatt-hour fluctuate throughout the year, and you may actually lose money by not being able to take advantage of prices when they are low. However, because electricity prices tend to increase over time, locking in fixed rates for longer periods may prove advantageous and deliver savings. You can find more information about fixed rates in our guide.
In general, we do not recommend variable rates, as most customers report negative experiences with them. With prices not guaranteed after the first month, variable rates tend to be highly unpredictable. Find out more about variable electricity prices in Texas.
Some customers reported savings on fixed rate electricity plans from Pennywise Power. Fixed rate plans can often be a good deal if you are able to lock in a good rate at the right time of year.
Base Charges/Minimum Usage Fees
Base charges are flat charges that are charged every month regardless of the amount of power consumed. Minimum usage fees, a common feature in Texas electricity plans, kick in when customer consumption is below a certain minimum monthly threshold. Pennywise Power charges a $9.95 minimum usage fee for consumption under 1,000 kWh per month on all of its plans in Texas.
Green Energy Plans
Pennywise Power did not offer 100% green energy plans, and the 6% renewable content in their standard plans was below the state average of 10.7%.
Customer Reviews of Pennywise Power
Like many Texas REP, Pennywise Power had mixed reviews when it comes to the customer experience. Keep in mind, however, that to some extent this is to be expected, as satisfied customers tend not to leave reviews online (whereas unsatisfied customers are more likely to publish their negative experiences). Pennywise Power's "complaint score" from the Texas PUC in February 2016 was rated "average", whereas the company currently has an A+ rating from the Better Business Bureau due to the company's responsiveness to complaints filed against it. Much of the negative consumer feedback to be found online has to do with unexpected fees and charges. The Terms & Conditions are clear when you read them, but in some cases, the sales people have not been entirely transparent about the nature of the product they are selling. It is therefore important to go through Callmepower when signing up with this provider, in order to avoid surprises, and to make sure you ask all the relevant questions when speaking with one of Pennywise Power's salesperson or customer service representative.
Automatic RenewalsLike many Texas REPs, Pennywise Power automatically enrolled customers in a month-to-month variable plan at the end of a fixed price plan, unless customers decide to switch suppliers or choose another fixed rate. Watch out for attractive fixed rates on shorter plans (e.g. 6 months), as the variable rate that you may be charged after may not be nearly as good of a deal. Regardless of the length of your plan, don't forget to start shopping for a new one before your current plan reaches the end of its term.
About Pennywise Power
Before it permanently closed, Pennywise Power was based in Houston, Texas, and provided Texans with low-cost electricity supply since it opened in 2010. The REP was owned by NRG, which also owns the REP Cirro Energy.
Pennywise Power : Permanently Closed
Customer Service Email: [email protected]
Pennywise Power Phone Number: 1-877-455-4674
Mailing Address for Pennywise Power:
Pennywise Power
PO Box 2229
Houston, TX 77252-2229