Cheapest 2024 PPL Electricity Rates
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PPL electric bills are increasingly being reduced as a result of Pennsylvania electricity choice laws that allow consumers to shop for cheap electricity rates. The breaking up of Pennsylvania Power & Light allows consumers to power shop from dozens of competitive electricity companies now offering cheap electricity rates in Pennsylvania.
Competitive electricity companies are helping to spread the word about the customer’s ability to purchase power from sources other than PPL Electric. Ultimately, energy choice in central Pennsylvania has lead to cheaper electricity rates for those customers who take the time to shop and compare offers that are available.
PPL customers can use electricity search engines found on energy comparison sites to compare the price of PPL competitive rates, the length of the term in the different contracts, the amounts of the early termination fees, and the source of the power generation.
Saving Money on the PPL Electric Bill
The primary reason most people begin their research into competitive PPL electric providers is to save money. Cheaper electric rates, compared to the customer’s utility default price to compare rate, is the biggest indicator to the participation rate in a given energy choice market. If a customer is able to find a competitive electricity rate that is less expensive than the PPL default rate they will save money on the difference.
When the PPL default rate is high shopping activity increases, and in contrast low default rates often stall power shopping. While there are many electric bill savings tips out there, in an electricity choice market such as Pennsylvania, the easiest and quickest way to save money on the PPL electric bill is to pay a cheaper rate per electric kWh.
Understanding Energy Choice in PPL
Oddly enough, PPL Electric is not effected by whether or not their customers are fleeing off of their default rate and onto competitive rate plans. When energy choice began in Pennsylvania, PPL Electric was unbundled and transformed into a power delivery company. The revenues and profits of PPL are only determined by the distribution charges found on the PPL electric bill which happen to be regulated by the Pennsylvania Utility Commission.
The PPL price to compare default rate is determined by an auction process where competitive electricity companies bid for the right to charge a portion of the default rate paying pool of customers. PPL Electric simply collects the revenues for the default paying customers and passes the money to the competitive energy companies.
In essence, this means that every PPL customer, whether they are on a competitive plan or not, is paying money to a competitive electricity company. This is an important fact as there are still a number of customers who refuse to shop for cheaper electricity rates due to their loyalty to PPL Electric. Customers should know that if cheap PPL electricity rates are available, they are only hurting themselves if they decide not to take advantage and lower their monthly bills.
Energy choice in PPL gives all PPL customers, residential and business, the opportunity to shop for the lowest PPL electric rates to compare against the default rate and reduce their monthly electric bills.
Electricity Shopping in 2024
Despite the PPL Price to Compare dropping a full 2.5¢ per kWh on June 1, 2023, current offers from competitive Pennsylvania electricity suppliers are even lower. The PPL Price to Compare dropped to 12.126¢ on June 1 from 14.612¢ per kWh where it had been in effect since December 1, 2022.
From the end of 2023 to the beginning of 2024 the PPL price to compare dropped further to 11.03¢. However, the current cheapest PPL electricity rates are below 10¢ per kWh, resulting in a huge savings opportunity for default rate paying customers.
The Pennsylvania Office of Consumer Advocate reported in November 2023 that only 38.8% of PPL residential customers were currently on a cheap competitive electricity rate plan. An estimated 900,000 PPL customers are still paying the high PPL price to compare rate. All of these customers have the ability to lower their PPL bills by 14% if they take the time to shop and search for cheaper electricity rates.
From January 1 through May 31, 2024 the PPL default Price to Compare rate is 9.49¢ per kWh
PPL lowered their default rate to 11.03¢ to start out 2024. However, PPL customers can lower that rate even more by shopping for a competitive rate plan.
Currently the cheapest 2024 PPL electricity rates are below 10¢ per kWh
The cheapest PPL rates are displayed below:
PPL customer choice allows all PPL customers to shop for lower competitive electricity rates offered by licensed Pennsylvania electricity suppliers. If you don’t shop you are placed on a default rate with PPL. If you shop and select a rate plan that is lower than the default rate, the new rate replaces the default rate on the PPL electric bill and you will save money.
Use the ElectricRate.com electricity search engine to compare Pennsylvania suppliers and their competitive rate offers in 2024. As one of the oldest and most trusted electricity rate comparison sites, the company is constantly updating their database with current rate offers from licensed Pennsylvania electricity suppliers.