Since PECO raised electric rates on October 1, thousands of Pennsylvania customers have switched to a low-cost energy rate from a competitive electric supplier, affirming how easy it is to shop, and that switching is OK, and that shopping doesn’t negatively affect the customer’s reliability or distribution service.
As SaveOnEnergy.com® noted earlier this month, PECO’s Price to Compare — an electric rate for customers who buy their power supply from PECO — jumped 20% at the start of October. With the competition now available in the Pennsylvania electric market, customers don’t have to buy their electric supply from PECO, and can choose from competing energy suppliers offering lower rates (with savings of over 30% for residential customers and higher savings for businesses). No matter who the customer chooses for their electric supply, PECO still delivers the power over its wires, and responds to all outages and emergencies is a non-discriminatory manner, just like it always has.
Even before this latest price hike, PECO had seen a large number of customers shop for a lower electric rate.
However, the switching rate of customers to competing electric suppliers has accelerated significantly since the PECO rate hike, as customers are quickly moving to take advantage of the huge savings available in the market.
Over the last three weeks, close to 10,000 residential customers at PECO have switched to a competing electric supplier. This has brought the total number of residential customers shopping at PECO to 404,000, or nearly 30% of all residential customers.
Business customers shop for lower electric rates at an even higher pace, with 50% of commercial customers and nearly 100% of industrial customers buying their energy supply from an alternative supplier.
The enormous numbers of customers who are switching to a competing electric supplier at PECO, in order to save money on their power bill, shows that saving money by choosing a new energy supplier isn’t a fad or gimmick. Indeed, very few customers who choose a competing electric supplier ever return to PECO for default supply, because they are so satisfied with the shopping experience, and because they are seeing real savings by shopping for electricity.