Table of Contents
- How Electricity Works In The US
- How Does Arcadia Power Work?
- The Arcadia Power Dashboard
- Takeaways
- Comments
One of the things I’ve noticed about the FIRE (Financial Independence, Retire Early) community is that we all tend to be naturally environmentally friendly – it seems to be a byproduct of the lifestyle choices that we make. Take me as an example. I bike to work, keep my heat turned down fairly low during the winter, and when I do drive, I drive a Prius.
I don’t necessarily do these things for the environmental benefits – it’s mainly because these things save me money and help me avoid getting soft and weak. But the fact that they tend to have a positive environmental impact isn’t a bad byproduct either.
Some time ago,I saw an ad on Facebook for a company calledArcadia Power, which promised me that if I signed up for their service, I could get 50% of my home’s electricity sourced from wind power at no additional cost and without having to switch my electricity company. This piqued my interest – I’m all for doing something free and that gives me an advantage in some way. But was Arcadia Power legit or was Arcadia Power a scam?
Note: Unfortunately, as of November 2020, Arcadia Power has removed the free option, which means the only option is the paid option that sources 100% of your energy from renewable resources. I’ll go into more detail about the pricing later in this post.
I’ve been an Arcadia Power customer now for over a year and after using it for so long without any issues, I definitely think it’s legit and something worth using, hence why I’m writing up this Arcadia Power review. If you have any interest at all in supporting renewable energy sources, signing up for Arcadia Power is an easy way to do just that.
For a limited time, if you sign up for Arcadia Power through my link, you’ll get $25 towards your first utility bill after you link your electricity company to Arcadia.
How Electricity Works In The US
To understand what Arcadia Power is, you have to first understand a little bit about how electricity works in the United States. We get our electricity from a lot of different sources here – coal, nuclear, solar, wind, hydroelectric, etc. Once electricity gets generated, it gets sent to the national power grid, which then sends the electricity to our homes via power lines.
What this means is that once electricity is made, there’s no real way to differentiate different types of electricity – it all looks the same once it enters the power grid, sort of like how a cup of water looks the same as any other water once you dump it into a river. Unless you’re generating your own electricity (such as via solar panels on your house), there’s no way to actually know or say where your electricity came from.
That’s where Renewable Energy Certificates (RECs) come into play. Every timeone megawatt-hour of renewable electricity is generated, a REC is also created. RECs basically serve asa way to“prove” that the power in your home is coming froma renewable energy source. So, you end up buying two things when you buy electricity from a renewable energy source – the electricity that was generated from it and the REC that gets created with it.
For more info about RECs, check out this short primer here from the EPA. Below is also a great video that I think really breaks down the whole REC system:
To be fair, RECs aren’t all sunshine and rainbows. There are some legitimate criticisms about RECs as a way to promote renewable energy, mainly around the argument that they cost too little to actually encourage companies to build renewable energy projects. REC supporters, on the other hand, point out that there aren’t really any other systems that can work based on how we currently get our electricity from the power grid.
That debate is way beyond the subject of this post, but if you’re looking for further reading about RECs, feel free to check out the below links:
- https://www.vox.com/2015/11/9/9696820/renewable-energy-certificates
- https://www.technologyreview.com/s/542036/defending-renewable-energy-certificates/
- https://thinkprogress.org/clean-energy-trainwreck-why-most-recs-are-bad-and-how-to-find-the-good-ones-63975573c073/
The main thing to consider, I think, is that by getting RECs, you can at least support renewable energy in some way. I’d say, at a minimum, that’s better than sitting around doing nothing.
How Does Arcadia Power Work?
With that background out of the way, let’s talk about how Arcadia Power works. Here’s an explainer video that comes directly from Arcadia Power:
In short, when you become an Arcadia Power customer, Arcadia Power will buy RECs on your behalf, which means that your electricity will be attributable to renewable energy sources.
If you’re worried that this sounds like work, just know that it’s not. When you sign up with Arcadia Power, you do not change your current electricity provider. Whatever electricity company you have now is the electricity company you will continue to have. You don’t have to do anything beyond setting up your Arcadia Power account.
Instead, Arcadia Power works on top of your current electricity company. They used to offer two plans, a free one and a paid one. As of November 2020, Arcadia Power has removed the free option and now only offers a paid option that sources 100% of your energy from renewable energy sources for a flat $5 per month. Depending on how much your electricity bill is, this can actually be cheaper than the typical way of paying for RECs, which are paid for via the amount of electricity you use.
There are no contracts to worry about, so you’re not on the hook for anything if you sign up for Arcadia Power and decide later that it’s not for you.
Once you sign up, you’ll be directed to link your current electric utility account with Arcadia Power and you’ll also get to choose how you want to pay your bill – either by credit card or with a bank withdrawal. Paying with your credit card is free, so I highly recommend using a credit card so that you can get some rewards points.
After those steps are completed, every time you receive your bill from your electricity company, Arcadia Power will get your bill from them, charge your card or bank account, and then pay your electricity company on your behalf.
You’re essentially setting up a new autopay with Arcadia Power. Think of it as looking like this:
Bank Account –> Arcadia Power –>Your Electric Company
I checked my bill when I first signed up just to make sure there wasn’t an upcharge and my bill was the same as the bill I received from my electricity company. All that happened is that my autopay is now going to Arcadia Power, instead of my regular electric company. And as a benefit, I get the satisfaction of knowing that I’m supporting renewable energy sources. It’s also easier to have my electricity bill get charged to my credit card.
The Arcadia Power Dashboard
Beyond just the environmental benefits, another benefit of signing up for Arcadia Power is access to a much better online dashboard. I’ve probably looked at my utility company’s online dashboard a handful of times in my life, but the Arcadia Power dashboard has so much info in it that I keep coming back to look at it.
Remember though that you can still go and look at your normal dashboard with your electricity company, so it’s not like you lose access to what you already have. By signing up for Arcadia Power, you’re basically just adding a new dashboard that has a lot more useful info.
One feature I like on my online dashboard is this energy usage chart:
There’s also a very cool section where I can see what percentage of my power came from different energy sources:
As you can see in the above screenshot, a little over half of my energy can be attributed to renewable energy sources. I’m not quite sure how Arcadia Power knows where the other sources of my energy came from – I’m guessing they use averages or something – but I can at least be confident that half of my energy came from renewable sources.
The reason I know that is because, in addition to my power bill, I also received the below REC, which certifies that 159 kWh of my electricity in the past month came from renewable energy sources. That’s half of my electricity consumption for the month. (Note: This was back when I was on the free plan, which gave me 50% of my energy from renewable energy sources at no cost to me).
Finally, Arcadia Power also has a great app where you can see your electricity bills and check out your energy usage. What’s most helpful is just being able to easily look at my past statements so I can see how my electricity usage has been trending.
Takeaways
If you are interested in supporting renewable energy, signing up for Arcadia Power can make a lot of sense. Arcadia Power made a lot of sense when they had their free plan that cost nothing to use. At $5 per month, you’ll have to decide if this is something that makes sense for you. (When I first wrote this post, I predicted that the free plan probably wouldn’t last forever – it looks like I was right)
One thing to consider (that isn’t really a problem, in my opinion) is that Arcadia Power pays your electricity bill as soon as it receives it. That means that some people will be paying their electricity bills a little earlier than they’re used to. This isn’t a big problem for most of us, but it’s something to consider if you’re the type that likes to pay your bill on a specific day of the month. If you’re using a credit card to pay your bill (which you should since it’s free to use your credit card), then this actually won’t matter at all, since if you’re like most people, you probably just pay your credit card bill on the same day each month anyway. I think Arcadia Power was also looking at this issue because they added a “delay payment” button which allows you to delay your payment date to a later date. I haven’t used this feature since I don’t have much reason to use it, but it’s nice to know that it’s there.
Arcadia Power also might not be available everywhere, so you’ll have to see if your zip code is supported. They do say that they’re available in all 50 states, but there may be certain zip codes that aren’t able to access Arcadia Power, for whatever reason.
If you’re interested in signing up for Arcadia Power, be sure to use this referral link and you’ll get $25 towards your first utility bill.
Let me know how Arcadia Power works for you or if you’re considering any other ways to support renewable energy sources!
More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
- Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- SoFi Money ($325) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $300 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Upgrade ($150) – Upgrade is a free checking account that’s currently offering a $150 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $150 Referral Bonus – Step By Step Directions.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($800) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- Fifth Third Bank ($325) – This offer is limited to customers in the following states:Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you don’t live in one of those states, you won’t be able to open an account onlinebut you can still open an account in-branch if you happen to be visiting a city that has a branch. This is a fairly easy bank bonus to earn, especially since there are plenty of data points showing what will trigger the direct deposit requirement. In addition, you can open the Fifth Third Momentum Checking bank account, which comes with no monthly fees or minimum balance requirements.Read my guide on this bonus here.
- GO2Bank ($75) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $75 referral bonus.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.32% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $800 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $250 for opening an account.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
