Commonwealth Edison (or Comed for short) is the electric utility that covers most of the Chicagoland Region. According to their website, they supply more than 3.8 million customers across northern Illinois. While it is no secret when their rates are scheduled to increase, many of their customers will be surprised to know that rates are guaranteed to keep climbing incrementally over the next two years.
The current Comed rate is 6.318 cents per kWh. That means if you’re an average user (average sized house, family, appliances etc) your cost might be about $63 bucks per month, not including delivery charges and other fees outside of the cost of electric. Over the next couple years Comed is stepping up prices:
- June 2017 = 6.89 cents per kWh
- October 2017 = 7.15 cents per kWh
- June 2018 = 7.54 cents per kWh
If you’re doing the math then you’ll see that an average user might see a $12/month increase or $144/year. And if you’re an above average user of electricity (heated swimming pool, larger home etc.) your pocketbook will get hit even harder.
Because these prices are tied to the base price of electricity, alternative suppliers will also see increases, but if you’re currently a Comed customer it is a good time to begin shopping the alternative suppliers and actively monitor your costs.
States like Texas and Illinois that have deregulated their electric markets are counting on informed consumers to find their own best prices. However, there are a couple of reasons why this doesn’t work.
A little more than a year ago, I was knocking on doors in a Houston neighborhood to survey homeowners about their electric purchasing experiences. One gentleman in particular stands out. He was retired, friendly and very willing to boast about the “best” price his contact had “hooked him up” with. Perhaps too quickly, I asked if he’d share his per kilowatt hour price with me. Hesitantly he let me know that he was paying .14 cents per kilowatt hour. THAT IS ALMOST DOUBLE WHAT HE SHOULD BE PAYING!
Unfortunately where the system breaks down is that consumers are busy and finding the right price is not a straightforward task. Purchasers often just have to rely on trust in what marketers are telling them and sadly those marketers are not always honest.
In the sharing, maker, collaboration economy of today, there are many new small business entrepreneurs. Whether you’re running your business from a home office or have a store-front or other facility, you can join companies like Microsoft that are making major strides to offset their carbon footprint.
As the Puget Sound Business Journal reports, Microsoft is purchasing carbon neutral energy on the open market. This helps reduce their carbon impact on the planet, but also helps to encourage clean energy production and investment. But, did you know you can do the exact same thing?
If you’re a small business owner (or residential consumer of electric) you should consider purchasing electricity sourced from clean production such as wind and solar. In fact, when we analyzed prices we found that the cost premium maxes at about 15% but often times it is cost neutral or even cheaper to buy green electric. The only potential drawback is in selecting the right plan and switching plans at the right time to avoid getting socked with variable rates or up-charges.
That’s where Energy Simply comes in; we’ll do it for you. We analyze your usage, select and switch your energy plans for you. That way you can rest easy knowing you’re getting the best rate – and saving the planet!