Easy to Compare 2024 Penelec Electricity Rates
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Penelec Electric Rate Savings Potential by ElectricRate
One of the easiest ways to get lower bills in Pennsylvania is to take advantage of the state’s energy choice law and compare electricity rates. First Energy customers who take the time to compare Penelec electricity rates will find a simple and no-hassle way to lower their Penelec electric bill.
About Penelec Energy
Penelec provides power to over 480,000 residential customers and 75,000 commercial customers throughout the state of Pennsylvania. As a major utility in an energy choice state, all customers of Penelec have the ability to shop in the market and compare competitive electricity price offers.
By comparing electricity rates, customers can find a competitive generation rate to replace the price to compare rate in order to lower their Penelec electric bill and save money. To the surprise of many consumers, Penelec encourages their customers to shop for better rate offers.
This is due to the fact that Penelec earns their revenues by delivering the power to their customers through regulated distribution charges, not through the generation charges which include the default price to compare rate and competitive rate offers. Revenues that are received for the electricity generation are passed through to other energy companies who buy the power on the behalf of Penelec default rate payers.
Penelec Electricity Shopping in 2023
Electric Choice Shopping Activity in Penelec by ElectricRate
Despite current competitive rates showing savings off of the Penelec price to compare above 10%, the amount of customers purchasing power from alternative suppliers remains low. As of April 2023 only 16.4% of residential customers who receive their bill from Penelec were purchasing their power from a competitive supplier. This number has dropped significantly since December 2015 when 28.4% of residential customers had selected a competitive plan.
The remaining 83.6% of residential Penelec customers are paying the price to compare rate instead of reducing their electric bill through electricity choice. In the commercial market, only 37.8% of businesses had taken the time to compare Penelec electricity rate offers and lock in a rate plan with a competitive company that can lower their energy expenses.
Competitive PA Rates vs the Penelec Price to Compare
Penelec Electricity Rates June 2023 by ElectricRate
Pennsylvania electricity consumers who receive their electric bill from Penelec, and who are looking to lower their electric bills, should take the time to compare electricity offers and find a rate plan that is lower than the default rate. The difference between the default rate, officially called the Price to Compare, and the competitive rate is the savings that the consumer will experience.
In 2023 the Penelec Price to Compare has risen to 9.70¢ per kWh, representing a 15% increase from the summer of 2022. With current competitive Penelec electricity rates available that are more than 10% below the Price to Compare default rate, it makes sense for all Penelec customers to compare rates and switch onto a competitive plan.
Not only will comparing Penelec electricity rates save customers money right away, but they can also provide price security and prevent them from facing further increases on the Penelec electric bill. By locking in a low fixed rate for 12 months or more, customers will know the exact rate they will be paying for electricity supply during the term and will not have to worry about what the Penelec Price to Compare might increase to in the near future.
Licensed electricity companies offering service to residential Penelec customers are posted below and updated every day. The switch process can occur online and does not require a repair person from Penelec or First Energy to visit the home.
Compare the Lowest Penelec Electricity Rates
On June 1, 2023 the Penelec Price to Compare rose to 9.703¢ per kWh
Currently anything below 9¢ would be considered a good rate per kWh in PA Penelec. A rate below 9¢ is below the Penelec default Price to Compare rate
By simply taking the time to compare Penelec electricity rates and finding a fixed rate that is below the Penelec default rate, you will reduce your Penelec electric bill.
Yes this is true. Penelec does not profit off of the supply charge – which is the part that is open to competition – of their customers. Their profits are derived from the distribution charges which they continue to bill no matter which competitive supplier a customer chooses.