The total revenue brought in by independent electricity providers is expected to surge during the next decade, according to a recently released report from market intelligence firm Pike Research.

Since the first states deregulated their electricity markets in 1998, the independent energy industry has grown rapidly, spreading to 17 states and bringing in $29.4 billion in 2009, Pike reports. In some deregulated states, about 60 percent of commercial entities and 90 percent of industrial entities have switched to open-market power providers.

The report forecasts the industry's revenue will nearly double by 2020, to $55.9 billion a year, with competitive pricing being the single biggest factor driving growth. In addition, expansion is expected to be spurred by policies incentivizing consumers to use the green energy options private suppliers are developing.

The report notes that larger customers are in an especially good position to realize cost savings by switching to competitive electricity suppliers. Writing in the Washington Post recently, a D.C.-area religious leader attested to this fact. Rev. Thomas Knoll reported that a collective of faith-based institutions that contracted together with an energy supplier saved between a few thousand dollars and $33,000 on their bills in the past year.