Last week, PECO Energy Company announced that the average Price to Compare paid by residential electric customers for their electric supply will increase to 9.99¢ per kilowatt-hour effective April 1, 2011.

While the rate hike is not as high as the over 30% increase that customers saw with the end of electric rate caps on January 1, 2011, the April electric rate increase shows that PECO's prices continue to creep up, while customers could save real money by choosing an alternative electric supplier.

With the introduction of competition into the Pennsylvania electric market, more than a dozen electric suppliers are now competing for residential customers, which is driving prices down.

SaveOnEnergy.com, the best source for the lowest electric rates in the market, currently lists electric companies in the Philadelphia region offering customers rates under 9¢ per kilowatt-hour, or a savings of more than 10% versus the PECO price starting April 1.  Those savings add up over time, and by switching to a competing energy supplier, residential customers in Pennsylvania can save over a hundred dollars per year.

The PECO Price to Compare will continue to change every three months, and the next change is scheduled for July 1, 2011, when electric prices are expected to be higher.

That's why the prudent move is to shop for a lower electric rate from a competing energy provider before the PECO rate hikes take effect.

The best part is that finding a low electric rate with SaveOnEnergy.com takes just a few minutes, and is a hassle-free process for residential customers choosing a new energy supplier for the first time.  Customers can log on to SaveOnEnergy.com any time day or night, enter their zip code, and instantly see the best electric rates in the market, all with just a few clicks of the mouse.