Electric rates for residential and business customers at PECO Energy in Philadelphia and surrounding areas are projected to increase April 1, according to a forecast published by PECO.
If PECO customers do not shop for a lower electric rate from a competing energy supplier, PECO supplies them with "default" generation supply, and charges a "Price to Compare." The Price to Compare changes every three months, and is next scheduled to change on April 1.
PECO routinely posts an estimate of the Price to Compare for the upcoming period.
For residential customers, the estimated Price to Compare at PECO starting April 1 is projected to be 9.59¢/kWh. That's nearly 1¢/kWh higher than current residential electric rates at PECO, or an increase of almost 10%. More importantly, it's well-above electric rates offered by competing electric suppliers in Philadelphia, who are offering residential service for only 7-8¢/kWh.
Similarly, for business customers, PECO commercial electric rates are also projected to rise on April 1.
For example, for small business customers in Rate Class GS (General Service, under 100 kW), the Price to Compare is estimated to increase to 10.88¢/kWh -- a nearly 20% spike. Small commercial electric customers at PECO can find electric rates as low as 6-7¢/kWh depending on business type and usage patterns, or up to 40% lower than PECO's projected rate increase.
Small business customers (under 100 kW) in the Primary Distribution (Rate PD) rate class can expect a similar increase, if they don't shop for an alternative electric supplier to avoid the rate hike.
PECO customers can plan ahead and avoid these rate hikes by shopping now for a new energy supplier.