Penelec Rate Increase in 2018 set to Spur Electricity Shopping
First Energy Corps’ electric utility Penelec announced a large price increase in late 2018 for their customers who are the price to compare residential rate structure. The price increase went into effect on December 1, 2017 and will first become apparent to thousands of customers in January 2018 as the Penelec electric bill with the new higher price arrives in the mail. According to Pennsylvania Public Utility Commission data, the Penelec rate increase will effect close to 358,122 residential customers who are currently on the Penelec price to compare rate structure; a default price given to consumers who have not selected one of the competitive electricity suppliers available through Pennsylvania electricity choice laws.
Default rate payers will see their Penelec electric bills increase by a whopping 25.2% in January from the rate increase that occurred at the end of 2017. The price to compare, which was previously set at $0.05383 per KWh, jumped up to $0.06742 on December 1, 2017 to the surprise of most customers. Most customers experiencing the 25.2% price increase are still uninformed that they are able to shop for lower Penelec electricity prices. Current competitive electricity rates in the region are well below the Penelec price to compare rate, allowing customers the opportunity to pay less for electricity.
Penelec is responsible for delivering power to 500,870 residential customers in Pennsylvania. Only 28.5% of their residential customer pool has elected to shop the market and choose a competitive Pennsylvania electricity supplier, leaving over 358,000 customers who are not participating in electricity choice. Choosing a competitive electric supplier in this market environment is simply about switching out a high default rate for a lower competitive price resulting in electric bill savings. Many first time shoppers are surprised to learn that the quality of power is not effected by switching suppliers since all of the power comes through the same Penelec lines and wires.
The internet and electricity comparison sites have made switching electricity suppliers one of the easiest and quickest ways to save money. In under five minutes a Penelec customer can find a lower electricity price, agree to the Terms and Conditions, and start paying less for their electricity. Below are a variety of options to compare against the Penelec price to compare rate. All electricity suppliers have been vetted and our licensed by the state of Pennsylvania.
