On October 1, PECO, which serves 1.6 million electric customers in the Philadelphia area, increased its "Price to Compare" for electric generation service by over 21%.  Customers can avoid this rate hike and save almost 30% simply by choosing an alternative electric supplier offering a lower rate through SaveOnEnergy.com®.

With the competition that has been introduced into Pennsylvania's electric market, customers no longer have to buy their power supply from PECO.  Instead, they can choose from dozens of competing electric suppliers who are able to offer lower electric rates than the utility.  No matter who you choose for your power supply, PECO still delivers the power to your home or business over its wires, responds to outages, and treats you exactly the same as if you still bought power from PECO.

In fact, PECO encourages customers to shop.  Given the spike in PECO electric rates, "[t]he smart PECO customer would be shopping," PECO spokeswoman Cathy Engel Menendez told the Philadelphia Inquirer.

For customers who do not shop, PECO charges a "Price to Compare" for power supply, which is the price competing suppliers must beat in order to save you money.  The Price to Compare is quite volatile and changes four times a year.

On October 1, the residential Price to Compare jumped 21% from 8.64¢ per kilowatt-hour (kWh) to 10.50¢ per kilowatt-hour.  This new, higher price to compare will remain in effect through December 31, 2012.

Competing electric suppliers were already offering savings versus PECO's old Price to Compare, and have maintained their lower rates while PECO's price has increased.

That means not only can customers avoid PECO's rate hike by choosing a competing electric supplier, they can save money versus even PECO's old Price to Compare.

For example, residential customers using SaveOnEnergy.com to find a low electric rate in the PECO territory can find rates in the 7-cent range, for a savings of nearly 30% versus the PECO rate.  Savings for business customers are even higher.

The best part is that SaveOnEnergy.com makes saving money on your electric bill quick and easy.  All it takes is a few minutes, any time of day or night, to log onto the website, and see the savings available in your area.

All the energy retailers on SaveOnEnergy.com are rigorously screened for high levels of customer service and financial integrity, so you never have to worry about switching to a new energy provider, as only the best make the SaveOnEnergy.com cut.  SaveOnEnergy.com brings peace of mind to shopping for a lower electric rate, making saving 30% at PECO as easy as a few clicks of the mouse.