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.
Today we received accreditation from the Better Business Bureau (BBB) and we’re so proud we want to shout it from the mountain tops. However, since we are not on mountain tops and it is rather late at night, we’ll happily post it to the internet via our blog and social media pages.
According to its website, the “BBB helps people find and recommend businesses, brands and charities they can trust.”
Basically they help you, the consumer, know that you’re dealing with a reputable company that delivers on promises. Why does that matter to us? Honestly, because we save people so much money by monitoring and switching their energy supplier that it is a little unbelievable.
If you want to become a believer, sign up at http://www.EnergySimp.ly.
Comed’s electric rates have recently gone down in Illinois prompting the question: what if my cheapest option is the “default” option? In Illinois, if you don’t proactively choose a retail electric provider you auto-default to Comed. This is different from Texas where you must choose a retail electric provider.
For Customers Who Want the Cheapest Electric: There are times when Comed offers a competitive rate, but even when their prices go down, there are typically still a handful of cheaper rates or incentives packages that we can switch our customers into. While the savings might, for a limited time, become smaller they’re still savings. And when prices begin to swing back up – you’ll rest easy knowing that you’re still getting the cheapest.
The Green Answer: Many of our Illinois customers utilize our service to ensure they’re always getting the cheapest 100% renewable electricity. Typically the cost is the same or just slightly more, as outlined in this past blog post. Since we are constantly monitoring and switching our customers into the cheapest rates, our customers often get to take advantage of cash back and gift card incentives from their electric providers as well.
Today marks the first day of October and you have likely made some changes in your home climate control (or soon will be.) If you’re in a warm part of the country like Texas, your electricity needs may be decreasing significantly as the weather cools-off and you can turn-down your air conditioning. If you’re in a cooler part of the country like Illinois, your electricity needs may be increasing as you need to heat your home. For many of Energy Simply’s customers, electricity usage varies by more than 2x between the summer months and the winter months.
If you’re not already signed-up as a customer of Energy Simply, having us keep you in the best electricity plan for YOUR home, now is a great time to consider signing-up. Learn more about how Energy Simply saves you significant money by keeping you in the best electricity plan for your home at: https://www.energysimp.ly/how-it-works.
At Energy Simply we love our customers – and it appears they love us! We’ve been growing at a steady clip because our service is all about conveniently saving money – we take care of choosing the best electric plan and switching energy companies for you so you’ll always be in the cheapest or cheapest renewable plan.
The less obvious part, which we have come to learn, is that the majority of our growth is due to customer referrals! Our customers love us so much they are encouraging their friends and family to sign up with us. We don’t want to be free-riders on that love, so as a way to say THANK YOU we are offering $10 for every signed up customer referred to us. There’s no limit either, we will pay $10, $50 or $500 – we will be happy to encourage people to spread the word about our company.
Even If you don’t live in Illinois or Texas, you can still go to our referral program page to sign up to refer people you know who do live there. Once they’re signed up, we’ll process payment and put it in the mail. And…Thanks!
We blogged last week about the seasons changing – and the impact that will have on your electric bills. And it is about to get real in Northern, IL!
We are fans of Danny Neal and the Stormchaser’s blog. This morning we woke up to news from Danny that Illinois can expect multiple inches of snow this Friday night and Saturday morning.
Hop on over to Danny’s blog and follow him on Facebook for great weather tracking…and, after you’ve done that – sign up with Energy Simply so you’ll know that you’re not paying way too much for electricity in these cold, dark winter months.