Electricity customers received an early Christmas gift from the Illinois Commerce Commission (ICC) yesterday, when it ordered ComEd to reduce its rates for delivery by 2.56 percent starting January 1st, 2016. While the total rate reduction will total around $66.7 million compared to 2015, ComEd electricity customers can expect to see about a $1 per month difference on their bills.
ComEd is required to submit their rates for review by the Illinois Commerce Commission in a process that was established in the Energy Infrastructure Modernization Act (EIMA) or Smart Grid law, which was enacted in 2011 by the Illinois General Assembly. The rate review process happens once a year, and is based off of ComEd's previous year's actual expenses and the current year's projected capital investments.
The utility cited efficiency gains following the installation of smart meters and the smart grid program as the reason for the rate reduction. "The smart grid program is delivering on its promise to generate efficiencies and we are pleased to pass along those savings to our customers by decreasing their electric delivery costs," said Anne Pramaggiore, president and CEO of ComEd. As this ruling applies to delivery rates, all ComEd customers will benefit from the reduction.
While a $1 per month reduction might not seem like a lot, ComEd customers can maximize savings by shopping around for a better rate for their electricity supply. At the time of writing, ComEd's price to compare was 6.98¢ per kWh, working out to an average of $53.12 per month (based on a 762 kWh per month consumption). At this rate, there are plenty of options for customers looking to lock in a great rate and save on their power bills:
|Supplier||Plan||Average Monthly Price (762 kWh/month)||Savings|
|Oasis Energy||6.49¢/kWh for 5 months||$49.45||$3.66 per month|
|Clearview Energy||6.59¢/kWh for 12 months||$50.21||$2.90 per month|
|Spark Energy||6.79¢/kWh for 12 months||$51.73||$1.38 per month|
|Public Power||6.79¢/kWh for 24 months||$51.73||$1.38 per month|
Prices valid for December 10th, 2015
What's more, customers who switch to an alternate supplier will gain peace of mind knowing that they have locked in savings for an extended period of time. So what are you waiting for? Call us at 347-410-8789 to take advantage of the savings available in your area.