Best Energy Rates in Chicago
High default electricity rates have sparked competition among alternative electricity companies offering service in Chicago. Savings versus the ComEd Price to Compare rate – the default rate ComEd charges for electricity supply service to Chicago customers who have not shopped for lower rates – are up to 18%.
It is not surprising that competitive electric rate offers are becoming lower. Switching activity for electric choice states, such as Illinois, usually starts out slow as it takes time for the population to understand the changes that have occurred in their electricity market. As more time passes and the word of electric choice expands, customers start to shop for options. When electric rates become available that are lower than the default prices it becomes an easy decision for customers to make and switching activity increases.
Chicago energy customers have been slow to compare electric rates and choose alternative service. One of the main reasons for this has been a lack of options. However, that is now changing as more electric companies have entered the Chicago electric market with hopes of gaining market share. The ComEd Price to Compare rates were increased on June 1, 2011. The old rates were lower which made it more difficult for competitive suppliers to offer lower energy prices. Now that the ComEd default price is higher, alternative energy companies are able to offer electricity prices that offer first time electric shoppers savings.
Chicago electricity customers should view their utility area as a market. If you are a ComEd customer, you remain a ComEd customer even if you choose a low electric rate from a competitive supplier. ComEd continues to deliver the electricity to your house no matter who you decide to supply your electricity. They only offer default supply service (Price to Compare) for customers who have not chosen a competitive supplier.
Here are the best energy rates in Chicago (updated daily):