Electricity competition, which allows customers to choose a lower electric rate from competing energy providers, saved Illinoisans up to $218 million in 2012, the Illinois Citizens Utility Board recently calculated.
But customers only get the savings if they exercise their right to choose, and shop for a lower-priced alternative to their local utility (ComEd and Ameren). ComEd's current residential electric rate is 8.3 cents per kWh. In comparison, residential rates from competing electric suppliers are in the 5-cent range (competitive rates are even lower for business customers).
Based on such lower prices, the Citizens Utility Board estimated that Illinois electric competition sparked $92 million to $218 million in savings in 2012.
However, customers only receive the savings if they take advantage of their new ability to choose a competing electric supplier offering a low rate. To date, only about 40% of residential customers in Illinois have shopped for a lower electric rate. That means the majority of customers are still buying their power supply from ComEd and Ameren, and paying higher rates.
Finding a lower electric rate and saving money on your power bill is fast and easy for Illinois customers.
In today's economy, customers can't miss out on any chance to put some extra money in their pocket each month, and for residential customers, choosing a lower electric rate can save $300 a year, or more, depending on their monthly usage. Business customers shopping for a low electric rate can save thousands of dollars.