Electric rates at PECO Electric in the Philadelphia area will rise starting October 1 for small business and residential customers who do not shop for a competing electric supplier.

PECO has just posted an updated "Price to Compare" for the three-month period starting October 1.  The Price to Compare is the electric rate that PECO charges for electric supply, which can be avoided if customers choose to buy their electric supply from a competing energy provider offering a lower rate.

Starting October 1, the Price to Compare for small business customers and residential customers will increase, but customers can save money and avoid the rate hike by shopping for an alternative electric supplier.

Specifically, for PECO Rate Class GS (General Service) customers with demands under 100 kW (small businesses), the electric Price to Compare will increase to 10.87 cents per kilowatt-hour (kWh), from the current rate of 10.32 cents.

Additionally, customers with demands under 100 kW in the Primary - Distribution Power (PD) rate class will see their Price to Compare increase to 10.51 cents per kWh, from 9.97 cents.

Customers under 100 kW in the High - Tension Power (HT) rate class will see their Price to Compare increase to 10.11 cents per kWh, from 9.59 cents.

Competing electric suppliers can undercut these rates by 20-30%, depending on the customer's specific usage and load profile, which can translate into big savings on customers' monthly bills.  Business customers at PECO can find the lowest electric rates in the market, and avoid the electric rate hikes, by getting energy suppliers to compete for your business.

For residential customers, PECO announced an increase in the Price to Compare to 11.14 cents per kWh, from the current 10.42 cents (for usage under 500 kWh).

Residential customers can find savings of 15-20% off of PECO's new Price to Compare just by comparing the lowest rates in the Philadelphia market for residential electricity.