Commonwealth Edison, which serves customers in the Chicago area and surrounding areas of Illinois, has posted electric rates for the 12-month period beginning June 1, 2012, and although the summer rates are marginally lower, electric rates for the non-summer period of October 2012 through May 2013 will be higher, despite the currently low electric rates available in the market. Customers can avoid the rate hikes and maximize their savings by shopping for a low electric rate with SaveOnEnergy.com.
For example, for non-residential customers, ComEd's electric supply charge for the summer period (June through September) is only about 11% below the current rate. However, savings of 30-40% are available by shopping for a lower electric rate from a competing electric supplier.
But what's worse is that after these meager summer savings, ComEd's electric rates are set to rise in October, with rates not just higher than the summer rates, but higher than last year's non-summer rates as well.
For example, for customers in the Watt-hour Non-Electric Space Heating class and the Demand Non-Electric Space Heating class -- covering most small and mid-sized businesses -- ComEd's non-summer electric supply charge, for the months of October 2012 through May 2013, will increase to nearly 8 cents per kWh.
This increase defies the current low electric rates available in the market, and results from ComEd's using above-market, "out-of-the-money" power contracts to serve its load, rather than buying power at the currently low energy prices.
The rate increase will wipe-out any meager savings from ComEd's summer rates, but the good news is that customers don't have to pay ComEd's inflated rates. With the competition introduced into the Illinois electric industry, customers can now choose among competing alternative retail electric suppliers to find the lowest electric rate.
When logging onto SaveOnEnergy.com, business owners can take just a few minutes to enter some information about their business (such as the amount of their average monthly bill), and the information is then instantly transmitted to a group of vetted, pre-qualified electric suppliers, who will compete head to head to offer you the lowest rate.