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.
Recent news reports have cast a light on impending increases that will start to show up on your electricity bills. The reports outline obscure policies and conditions that could lead to increases as high as 20%! The time has never been better to shop around for a better electricity supplier, or let Energy Simply do the work for you – you’ll save money as energy prices increase and you won’t have to worry about getting hit with hidden fees or switching penalties.
Crains recently reported on a somewhat obscure court ruling that could have major impacts on your energy bills. They’ve also provided coverage on power company rate hikes that will lead to residential customers’ rates jumping significantly! The Chicago Tribune had a similar article outlining the rate hikes for Chicago-area customers.
Finally, there are many consumers whose municipal aggregation electric plans are set to expire and increase in the near future. The Village of Norridge is planning to switch back to Comed since they haven’t been able to negotiate a lower group price. Arlington Heights has paid major fees to an energy consultant, but their rates still aren’t the cheapest available. In fact, cities and towns all over Illinois are seeing their negotiated rates on the rise. Even if your city or town has negotiated good electricity rates for you, Energy Simply can save you money and find you 100% renewable plans, and there is no penalty for opting out of your municipal plan.
So, to recap: The bad news is that your electricity prices are going up. But, the good news is that when you sign up with Energy Simply, we will shop around to keep you locked into the cheapest or cheapest 100% renewable electricity plan. You can rest assured you’ll get the best deal for your money.
As rates start to rise, Energy Simply is prepared to take the hassle out of getting the best deals on cheap and renewable electricity.
Sign up at www.EnergySimp.ly today.
Gideon Blustein is a Co-Founder and Advisor of Energy Simply. He previously worked in the United States Congress as a Chief of Staff and for the Illinois Chamber of Commerce. Gideon is pursing an MPA from Northwestern University and holds a B.A. from the University of Illinois.
Green Mountain Energy and Champion Energy received the only 5 circle ratings (out of 5) from JD Power in their 2014 Retail Electric Provider Residential Customer Satisfaction Study.
Overall customer satisfaction in Texas increased 24 points on a 1,000-point scale to 706, and Texas residential retail power customer satisfaction is the highest in the country.
Additionally, 21% of survey respondents say they plan to switch providers in the next 3 months. If you are one of those 1 in 5 households, make sure you get the best plan and save the most money for your family by joining Energy Simply or using our Texas Energy Matrix to select a plan.
For more details, check out the JD Power press release.