Avoid the October 2023 BGE Electric Price Increase
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2023 BGE Price to Compare
BGE residential customers on the default rate are facing a 17.81% increase on their electric bills if they don’t take action. Electricity customers living in and around Baltimore who receive their electric bill from BGE will face the steep price increase on October 1, 2023. The increase will effect all customers who are on the BGE default supply price to compare rate. Customers who are on a competitive rate plan will not have to worry about this specific price rise.
Customers can avoid the October 2023 BGE price increase by shopping the market for a low Baltimore electric rate offered by licensed Maryland electricity suppliers. Upon choosing a competitive plan, the new low electric rate for supply service will replace the default BGE rate on the electric bill, and thus the customer will not have to worry about BGE changing the supply charge rate.
Residential BGE Rates
The BGE supply default rate is the price customers pay for their electricity who have decided not to participate in Maryland electricity choice. On October 1, 2023 the BGE default rate for residential customers will jump from 9.983¢ per kWh to 11.761¢. The rate increase of 1.778¢ represents a 17.81% increase in the price that Baltimore customers will pay for electricity.
The Maryland Public Service Commission released switching data for BGE and other Maryland utility service areas on June 30, 2023. The results were surprisingly low when considering that savings are widely available throughout the state.
Out of the 1,206,623 residential customers within the BGE service area, only 205,751 were on a competitive Maryland electricity rate plan with an alternative supplier. More than 1,000,000 residential BGE customers are on the default rate and thus in danger of seeing their BGE electric bills rise by almost 18%. Avoiding the increase can be accomplished by simply taking a few minutes to shop and compare BGE prices and suppliers.
Commercial BGE Rates
Businesses in Baltimore and its surrounding cities are also in danger of seeing their BGE electric bills rise. The BGE commercial electric supply rates will increase for most businesses from 9.618¢ to 10.817¢ per kWh on October 1, 2023. The commercial rate increase of 12.47% will effect the majority of small businesses in Baltimore who are not on a competitive BGE commercial electricity rate plan.
Out of the 133,339 commercial and industrial customers who receive their power from BGE, only 36.4% of them are on a competitive rate plan. The remaining 63.6% of businesses can avoid the 12.47% commercial rate increase in October by selecting a low Baltimore business electric rate. Fixed commercial electricity contracts can also help Baltimore businesses mitigate risk associated with rising energy costs that are expected to occur over the next few years.
Customers can use the new ElectricRate.com commercial rate search engine to shop and compare business rates that are a direct comparison to the BGE default supply price. The rates in the search engine do not have hidden charges which are a common practice by many third party electricity suppliers.
Fixed BGE Rate Protection
The new higher BGE prices will stay in effect from October 1, 2023 all the way until May 31, 2024. There is no way of knowing what the BGE default prices will change to in May of 2024, but due to the inflationary environment the world is in, many energy experts are expecting electricity prices to either stay the same or go higher in the coming years.
Competitive Baltimore electricity rates allow BGE customers to lower their electric bills in the short term and protect themselves from potential future price increases. Budget certainty is going to become more important for more people for both residential households and businesses. Having the ability to lock in a low fixed electricity rate will provide peace of mind for these customers, allowing them not to fear opening their BGE electric bill each month.
Yes. On October 1, 2023 the BGE price to compare rate will increase by 17.81% to 11.761¢ per kWH for residential customers who are not on a fixed competitive electric rate plan.
Simply by taking five minutes to compare and shop for competitive BGE electric rates you can avoid the price increase. Current Baltimore electric rates in the Maryland electricity choice market are well below the default rate.
The new BGE default rates will start on October 1, 2023 and stay in effect until the end of May 2024.
One of the licensed Maryland electricity suppliers will have the lowest BGE electric rate. You can compare the rate offers at electricrate.com