Electric rates for residential and business customers at the PECO Energy territory in Philadelphia, Pennsylvania and surrounding areas are officially set to increase on April 1, the utility has announced.

SaveOnEnergy.com had previously noted that PECO had been estimating an increase in the "Price to Compare," the electric rate paid by customers who do not shop for a competing energy supplier, for April 1.  PECO has now posted the final, official Prices to Compare for the period beginning April 1, which confirm the rate hike, and in some cases a higher rate hike than forecast.

For residential customers, PECO's Price to Compare will increase over 10% to 9.61¢/kWh on April 1.  The current Price to Compare is 8.69¢/kWh.

Electric suppliers competing for your business are offering residential electric rates at PECO as low as 17% off the new April 1 Price to Compare.

Business electric rates at PECO will rise starting April 1 as well.

For example, for small business customers (under 100 kW) in the General Service (GS) rate class, PECO's Price to Compare will increase 17% to 10.73¢/kWh on April 1.  The current Price to Compare is 9.17¢/kWh.

Similarly, for small business customers (under 100 kW) in the Primary Distribution (PD) rate class, PECO's Price to Compare will increase 19% to 9.74¢/kWh on April 1.

Business customers at PECO can find big savings by shopping for a lower electric rate.  Although specific savings will vary with the size and usage pattern of each business, for most small businesses, low electric rates in the 7-cent range are available, meaning savings of 30% versus the new PECO Price to Compare.  Savings for businesses with certain usage levels and characteristics will be even higher.