Competitive Electricity Rates in Chicago Remain Lower than ComEd Price to Compare

The default rate for electricity that customers of ComEd are paying remains relatively high when compared to available competitive prices offered through the Illinois Energy Choice Act. ComEd is the biggest electricity utility in the state of Illinois and is responsible for providing power to the entire city of Chicago and the surrounding suburbs.

The current default price to compare ComEd rate for residential customers is between $0.0743 and $0.0793 cents per KWh. The range is dependent on the ComEd Purchase Electricity Adjustment, which gives ComEd the flexibility of adding up to half a penny, $0.005, per KWh to the default rate each month in order to make up expenses in situations where they pay more for power than the revenues derived from the price to compare customer pool. Meanwhile customers can find low electric rates in Chicago that will yield 9% savings versus the ComEd price to compare.

Chicago customers can also compare ComEd electricity rates that offer other incentives other than just a low price. Some electricity suppliers are offering cash back sign up bonuses, visa gift cards, and even a free Nest learning thermostat which is currently valued at $249. Illinois electricity suppliers are also offering green energy rate products that allow ComEd customers to purchase power derived from renewable resources.

Here is a list of the most attractive electricity rate offers in the ComEd service area, ranging from lowest price to great promotions:


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ComEd Price to Compare Rate Hike in Effect

After enjoying record level low electricity prices for the past year and a half, residential customers serviced by Commonwealth Edison (ComEd) are facing a huge electric rate hike that went into effect on June 1, 2014. For some consumers the rate hike is more than 50% as the ComEd default rate has jumped from below 5 cents to, in some cases, just above 8 cents. The price hike will effect all residential ComEd consumers who are on the “Price to Compare” rate structure, which is the price consumers pay for generation and transmission service who have not shopped for an alternative solution.

The large price increase by ComEd has resurrected competitive electricity rate offers that can produce savings. During the last year and a half, Illinois electricity suppliers found it difficult to offer rate plans that could show savings versus the ComEd price to compare. Instead they focused on promotional incentives and longer term price protection contracts in order to gain new customers. With high ComEd rates accompanied by low wholesale prices, ComEd energy choice can once again provide fixed electric rates that are lower than the default prices and thus offer clean cut savings on the ComEd electric bill.

Finding a low electricity rate offered by a electricity supplier who is licensed by the Illinois Commerce Commission can result in lower monthly ComEd electric bills.


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Commonwealth Edison Rates Increase by 20 Percent

The Commonwealth Edison Company, responsible for delivering power to 3.8 million electricity customers in northern Illinois, recently raised their electricity supply rates for residential customers by 20%. The increase went into effect on October 1, 2012. The new high rate of 8.32 cents includes generation and transmission charges. The 8.32 cents does not include the “Purchase Electricity Adjustment” which is a true-up payment ComEd charges or refunds customers based on the difference between what ComEd paid to acquire power supply for the default customer class and what ComEd actually charged this class of customers. ComEd has estimated that this true-up cost will be another $0.005 from now until May 2013. If this estimated increase is accurate, it means that the true price to compare will be closer to 8.8 cents per KWH for default paying customers in the ComEd territory.

Default paying customers include all electricity customers who receive their electric bill from the Commonwealth Edison Company who have not chosen a competitive electricity supply company to provide them with competitive eletric rates. Customers can eliminate the increase, and even pay less for electricity than the default rate of 6.935 cents that was offered during the summer by participating in the Illinois electric choice market and shopping for electricity rates that are competitive. Switching off of the high ComEd price to compare rate and onto a lower electric rate offered by a competitive electric supplier will also eliminate the “Purchase Electricity Adjustment” charge on the ComEd electric bill.

With competitive rates being as low as they are (see below) the number of power shoppers in Chicago and surrounding areas is growing rapidly. People are starting to understand that electric choice can simply provide a lower ComEd electric bill without sacrificing quality. ComEd is still in charge of delivering power and responding to power emergencies for their 3.8 million customers in northern Illinois. Furthermore, ComEd continues to deliver the monthly electric bill to their customers. Switching electric suppliers simply amounts to the rate on the supply section of the ComEd electric bill to be altered.

Competitive electric companies are able to offer substantial savings versus the Commonwealth Edison default price to compare rate. While many consumers are catching on, there are still many who have not had the time to research the benefits of energy choice. For more information on competitive electric rates in ComEd, see our daily update prices from approved suppliers licensed by the Illinois Commerce Commission.


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Illinois Electricity Shopping Continues to Grow

The competitive residential electricity market in Illinois continues to grow as consumer awareness of energy choice increases. Electricity choice has been steady in the Illinois commercial market, however residential awareness has only seen significant growth in the past year.

All four main utilities in Illinois – ComEd, Ameren I, Ameren II, Ameren III – have seen extreme growth in customer participation over the last twelve months. In July of 2011 the total number of Illinois electricity households buying power from a competitive supplier was just over 54,000 with just over 52,000 of those customers living in the ComEd territory. In July 2012 the total number of Illinois choice customers jumped up to over 800,000 with 527,000 of these customers located in the ComEd service area. The three Ameren areas went from having just below 2,000 shoppers in July of 2011 to over 270,000 in July of 2012.

The huge market growth has been a direct result of low electric rates that competitive energy companies have been able to offer to Illinois consumers compared to the utility default rates. When Illinois electricity consumers do not shop for competitive electric rates they end up paying a default rate for their generation supply service. The default rate, called the price to compare, is determined by several auctions held by the utilities for energy companies who wish to bid for the right to serve a percentage of price to compare customers. Since the Illinois energy choice law allows consumers to switch off of price to compare service and onto a competitive rate at anytime, the energy companies must put a premium on their price bids. The rapid move of customers taking the time to find cheaper electric rates has further increased this premium.

Meanwhile, those customers who do take the time to learn about Illinois electricity choice and compare electricity rates will be able to save a significant amount of money on their electricity bills. Most competitive electricity companies offer single billing which means that the Illinois consumer continues to only get one electric bill from the utility (ComEd, Ameren) that they are used to getting the monthly bill from. The competitive electric rate simply replaces the supply charges, which include generation and transmission, on the electric bill. If the competitive rate is less than the sum of the generation and transmission utility default rate you will pay less and save on your electricity bill.

Find your Illinois utility below and choose a competitive electric rate so you can start saving money!



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Compare Electricity Rates in Chicago

The Illinois energy choice laws are allowing consumers to compare electricity rates in Chicago, and the results have been lower ComEd electric bills with zero downside.

Choosing to buy electricity from an alternative electricity company at lower generation electric rates than the ComEd default rates simply allows the citizens of Illinois to pay less on their monthly electric bill. When you compare electricity rates in Chicago it is important to make sure that you are comparing apples to apples. For residential customers, the Illinois Commerce Commission demands that all electricity companies offer rates on the same playing field and that they include both generation and transmission. However, consumers do need to make sure that the rate they choose is fixed and not variable.


Many electricity companies offer variable rates that do not contain limits to how high the price can go. The electricity company will market their variable rate with an initial rate. This rate will only be guaranteed for the first month, after which the rate can go up immediately. On contrast, fixed electric rates will not change during the term of the contract. If the fixed rate is set at a lower price, when compared to the default rate, you are guaranteed to pay less for your electricity.

Many consumers may not want to switch electricity companies because they fear the contract. The truth is that the contract is a good thing as it protects the consumer, indicating what the electric rate will be and for how long (the term). Electing to receive power from a company without a contract will put the consumer at extreme price volatility risk. Furthermore, the Illinois Commerce Commission oversees the contract language allowed by the electricity companies. In conclusion, taking the time to compare electricity rates in Chicago will result in huge electric bill savings.

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Illinois Energy Savings

Energy consumers in Illinois are quickly learning that they now have the ability to find savings by shopping for competitive electricity and natural gas prices. The Illinois Electric Service Customer Choice and Rate Relief Act of 1997 opened up the energy supply component in the state to choice, allowing alternative suppliers to offer service to customers.

Over the last several years the majority of large businesses serviced by Commonwealth Edison and Ameren shopped for competitive power supply contracts in order to get off high default rates. With falling energy prices, now competitive energy companies are moving in and offering low electricity rates to Illinois residential customers.

Though the supply side of the power business has been deregulated, the utility distribution side is still regulated. This means that no matter which competitive supplier the consumer chooses, the electricity is still delivered by the same regulated utility company that has always serviced them, which in Illinois is either ComEd or Ameren. The Illinois utility companies also continue to manage and maintain the power lines and wires, take the monthly meter read, respond to power failures and other power related emergencies, and send out the monthly electric bill to their customers.

The end result of shopping simply allows for the consumer to find a lower electric rate, or choose to buy a specific generation source for the power they consumer such as wind power. They also have the choice to lock in a fixed rate for a specific term offered by the competitive electric company or choose to ride a monthly variable electric rate. The competition is resulting in abundance of savings for Illinois energy customers.

If you are a ComEd customer, you can find competitive electric rates below (rates updated daily):


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Electricity Companies in Chicago

Chicago consumers are no longer confined to purchasing their power from the local utility company. As a result of the Illinois Electricity Choice Act, power users can now shop for lower prices among several electricity companies in Chicago.

Energy choice in Chicago is providing Chicago residences with huge savings versus their traditional utility’s price to compare. Commonwealth Edison has provided electricity service to the city of Chicago and surrounding areas since 1907. The new energy choice laws has changed the role of ComEd from a full service electricity company who supplies and delivers power to their 3.6 million customers, to just being in charge of power delivery.

ComEd is encouraging consumers to find low rates from Chicago electricity companies, citing that they do not profit off of price to compare default rates. Money from the price to compare rates are passed through to electricity companies who have bid for the right to service default customers. ComEd earns revenues and profits from the delivery charges on the bill which remain regulated by the Illinois Commerce Commission Energy Division.

Lower electricity rates are currently available against the official ComEd price to compare rate which includes the generation and transmission rates. The lower electric rates will result in big savings on the electric bill, which continues to be sent by ComEd even after a competitive electricity company is chosen.


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Illinois Power Companies

The shape of power companies in Illinois has changed as the state’s energy choice laws have begun. Illinois consumers, prior to electric choice, were forced to buy their power supply from monopolies who were regulated by the Illinois Commerce Commission. Illinois electric choice has allowed new power companies to enter the market, however the old regulated power companies still serve a very important role.

The incumbent power companies of Illinois, Commonwealth Edison and Ameren, were once responsible for all phases of the energy business for their given territories. This included purchasing power from generation facilities and then delivering that power to homes and businesses throughout Illinois.

Illinois electric choice has taken the power purchase responsibility away from ComEd and Ameren so that they can focus on delivering the power to properties, as well as responding to power failures and emergencies. Choice allows customers to purchase power from a variety of power companies, some of which might focus on providing electricity at the cheapest rate, while some might market themselves as clean power companies who sell green energy.

As the energy choice landscape in Illinois continues to mature, consumers can expect to see more power companies marketing their service. Aleady several licensed power companies are offering electricity rates to customers of ComEd at steep discounts compared to the ComEd default rates. If you can lock in a fixed rate that is lower than the default price to compare, than you will save money on your monthly electric bill. Below are some low rate options in ComEd.


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ComEd Chicago Prices

Electricity prices for Chicago customers serviced by ComEd are becoming more competitive as alternative suppliers position themselves for market share in the country’s third most populated city.

Now that Illinois has a full functioning energy choice market, electricity customers living in Chicago are becoming more aware of their options and terms such as their “Price to Compare”. The Price to Compare represents the rate that customers who do no shop for lower competitive energy prices pay for electric supply and transmission.

Starting in October 2011 and going through May 2012, the Price to Compare for ComEd electricity customers will be 7.733 cents per KWh (6.968 Electric Supply + 0.765 Transmission). If you switch electric suppliers, the electric rate that you choose will replace the price to compare rate of 7.733 on the ComEd electric bill. ComEd continues to send the monthly electric bill to their customers as well as control the meter readings and charge for distribution service. The distribution rates remain regulated by the Illinois Commerce Commission.

In order for a competitive electric supplier to offer service they must first be licensed by the Illinois Commerce Commission. Here are some active competitive electric suppliers offering service to ComEd customers with rates below the Price to Compare:


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Low Electric Rates in Chicago

Chicago electricity customers who are serviced by the electric utility company ComEd are finding low electric rates through the Illinois electric choice laws. For the first time Chicago residential consumers have the power to shop and compare electricity rates and companies. The results have been positive as consumers are finding savings on their electric bills between 10-20% versus the default ComEd electricity rates.

Customers who have not shopped for competitive power pay a default rate for their electricity supply on the ComEd bill. However, this default rate is passed through ComEd to other electricity companies who have won previously held auctions for the right to provide electricity generation service to default paying customers in Chicago and the rest of the ComEd territory. For this reason ComEd actually encourages their customers to shop and find lower electric rates. ComEd’s profits are derived from the delivery (distribution) charges found on the ComEd electric bill. The delivery charges remain regulated by the state of Illinois; no matter who you choose to supply your electricity generation, the delivery charges will remain the same.

Illinois electric choice is about giving the customer lower electric prices and more options including green energy, fixed pricing, and long term price protection contracts. It also requires electricity companies to give the best possible customer service as they compete for market share.

Chicago electricity customers who shop and choose alternative energy companies will continue to receive their monthly bill from ComEd. They will also still continue to call ComEd for power failures and emergencies. Electric choice in Illinois is no the end of ComEd, it has only changed the role they play in the Illinois electricity market. Whereas before they controlled all aspects of the electricity business, now they are only in the business of delivering electricity to their 3.6 million customers. If you are a ComEd customer today you will continue to be a ComEd customer even after you choose who supplier your electric generation service.

Here are some current competitive electric rate prices in the ComEd territory (updated daily):


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