lowest electric rates

Energy choice participation is picking up in Chicago as consumers are becoming more aware of legislation that allows them to choose a competitive electricity supplier as opposed to their incumbent utility ComEd. The creation of a competitive electricity market in Illinois has created an abundance of electric rate options that customers can now choose between. As suppliers fight to gain market share and brand recognition consumers will find it easier to shop around for the lowest rates with names they trust. Residents who become more educated with electricity choice continue to shop to stay informed about which suppliers are offering the lowest rates.

Chicago residents searching for the lowest electric rate should consider switching to a competitive supplier immediately . Locking in a fixed electric rate may protect the consumer from volatility during harsh winter months. Competitive electric suppliers already have future weather projections built into their rates, marginalizing the effects short term spikes in the energy wholesale futures markets will have on competitive offers. In general, fixed rates offered by Chicago competitive suppliers provide price security for residential customers.

Trying to choose the lowest electricity rate in Chicago is becoming easier as the competition fights to gain more market share. One tool that is becoming increasingly popular to help electric choice shoppers choose and compare rates are online comparison sites. Online comparison sites allow consumers to compare the cheapest electric rates from multiple suppliers based upon the desired term that best suits the customer. The process of switching to a competitive supplier through an online comparison site is minimal in time for the customer. All it takes is a copy of the ComEd bill and a few minutes to compare current competitive offers to the ComEd price to compare.



The state of Connecticut reported that as of January 31, 2010 a staggering 58% of small businesses are still on default service with either CLP or UI as opposed to shopping the competitive electricity market and saving money.  The number for residential customers is even higher at 83%.

What makes these numbers so shocking is that competitive rates have in recent months dropped due to a decline in natural gas prices.  Default rates for Connecticut Light & Power (CLP) small business customers is 11.723 cents per kilowatt hour.  Rates can be found in the competitive market at 9.7 cents per kilowatt hour, which equals savings of 19%.

One theory as to why so many businesses have been slow to switch is the uncertainty of the electricity contract that needs to be signed in order to realize these savings.  Consumers should not worry about the contract and instead see it as a benifit.  When you elect to receive a low fixed rate with a competitive provider, they will provide you with a contract that will state the term for which you will receive the low rate.  You should be worried if a provider does not offer you a contract.  In the non-contract scenario you are putting yourself in an position where the provider can charge whatever they want.  The contract binds them to offer you the rate that you agreed upon and will be stated in the agreement.

For more information on electricity contracts or for a list of providers that can offer you savings, feel free to email us, leave a comment, or join our club.