As most of you’ve likely heard (since it’s splashed all over every local news outlet), ComEd’s rate hike bill was made official yesterday, promising to raise residential consumers’ bills by an average of $3/month. The rate hike will allow for the installation of smart meters throughout Northern Illinois, along with $1.3 billion in improvements to existing grid equipment. Oh, and ComEd has kindly agreed to improve “storm-outage performance.” See related Crain’s article here.
So, what exactly does this mean for current Power2Switch customers and those keen on switching electricity suppliers? Well, unfortunately everyone will be affected by the rate hike, regardless of who supplies your electricity. Since ComEd owns the power lines and electricity infrastructure, we still pay them for the use of it, even if we receive electricity from a different supplier. (Per a tweet from ComEd, rate increases are contingent on approval from the ICC, with no clear start date yet determined.) As such, the rate hike will likely be reflected in the “Delivery” charges, or under the “Taxes and Other” section of your bills. This ensures that ComEd will still collect from you, even if you switch suppliers. And just to clarify, this bill does not affect your ability to switch suppliers.
Given this development, there’s never been a better time to switch suppliers than now. Power2Switch is here to help. By comparing rates and switching suppliers, you can see up to 17.5% in savings on your electricity bills, which will easily offset the potential rate increases that ComEd promises. We’re here to tell you that you do in fact have a choice, so don’t wait a moment longer – make the switch today at Power2Switch!