Switch Ohio Electricity Suppliers to Save on the 2023 Ohio Duke Energy Rate Increase
Duke Energy delivers power to more than 700,000 customers in and around the Cincinnati area. As of April 2023, an estimated 463,700 of these customers are on the Duke Energy Standard Service Offer (SSO) rate for electricity which is the default rate for power supply. The SSO rate is the price for electricity that customers pay who do not take the time to shop for a competitive rate plan in the Ohio energy choice market.
Unfortunately for the more than 463,000 customers, which makes up around 59% of the Ohio Duke Energy customer pool, the SSO rate has increased by 58% on June 1, 2023. This is not a typo or a mistake, if you receive your electric bill from Duke Energy and have not selected a competitive rate from a licensed Ohio electricity supplier your bills are going to increase by 58%.
The SSO rate rose sharply on June 1 from $0.0644 per kWh to $0.101712 per kWh due to higher than expected price surges in the wholesale energy markets during the time of the auctions held to determine standard offer service. Competitive Ohio electricity suppliers bid for the right to provide power supply to Duke Energy customers in an auction that Duke Energy oversees.
Lower my Duke Energy electric bill
Fortunately for default SSO rate payers, competitive Ohio electric rate plans are available that can allow customers to avoid the price surge. When a Duke Energy customer selects a competitive plan that rate replaces the SOS default rate at the next available meter read date.
Currently some Ohio Duke Energy competitive rate plans are even lower than the SSO rate was before the June 1 change. Not only can Duke Energy customers avoid the massive 58% rate hike, but they can actually end up paying even less than they did during the first few months of 2023 just by taking the time to shop for lower Ohio electric rates.
How to Switch from Duke Energy to a Competitive Ohio Supplier
The process to switch from Duke Energy to an alternative competitive supplier is seamless and can be done in under five minutes. The end result will be a reduction on your monthly Duke Energy electric bill.
- Go to ElectricRate.com
- Enter in your zip code
- Compare the different rate offers versus the Duke SOS default rate
- Find the rate plan that best fits your needs
- Fill out the enrollment form
- Find your 11 digit Duke Energy account number on a bill
- Agree to the terms and conditions of the plan
- Hit Submit
- Start Saving Money
After choosing the best electric rate plan in Duke Energy and enrolling, the information will go to your new supplier and to Duke Energy so that the switch can be made on your next available meter read date. There will be no interruption in your service and the quality of the power will be the same. You will merely go from paying one high price for electricity to a lower price once the switch is approved.
Saving Money on 2023 Duke Energy bills
Duke Energy PTC vs ElectricRate Graph by ElectricRate
Even after you switch Ohio electricity suppliers, Duke Energy will continue to send you the monthly electric bill. While it might seem confusing, Duke Energy is not in the business of providing their customers with low electricity supply prices. Instead, due to Ohio Energy Choice laws, they are only in the business of delivering the power and maintaining the lines and wires at regulated charges in their service area.
Duke Energy is also still responsible for sending their customers their monthly electric bills regardless of which Ohio electric supplier the customer chooses. When a new lower Cincinnati electric rate is selected from a competitive supplier that can save a customer money, it will state what the rate is and who the supplier is on the Duke Energy bill.
Instead of stating that your are being charged the Duke Energy standard service offer rate, the bill will indicate the new rate and your savings will be realized.
Shop and Compare Duke Energy electric rates
When you shop and compare electric rates offered in the Duke Energy service area, all plans can be compared equally to each other. The Ohio Energy Choice law was designed to prevent price tricks from competitive suppliers.
All competitive Ohio electricity suppliers are required to present their electric rate offers to be direct comparisons against the utility standard service offer default rate. In this way, a customer can calculate exactly how much money they will save by going with a competitive rate plan.
Since the prices are comparable to one another, the main things consumers should compare plans against each other is the length or term of the plan, the amount of green energy generated from the plan, early termination fees, and overall customer service of the supplier. Shop and compare Duke Energy electric rates below to start saving money as soon as possible. Rates are updated daily.
Questions and Review
Yes, on June 1, 2023 Duke Energy raised their price to compare default rates by 58%.
The Duke Energy 2023 rate increase is the default rate for residential electricity rising from $0.0644 per kWh to $0.101712 per kWh. The increase can only be avoided if a residential customer selects an alternative Ohio energy supplier plan.
As of June 1, 2023 the rate to compare for Duke Energy residential customers is $0.101712 per kWh. Any competitive rate lower than this will save the customer money on their Duke Energy electric bill.
Duke Energy bills are high for customers in 2023 who have not selected a competitive rate plan and are on the utility default rate structure. Due to high wholesale energy market prices during the auction for the current default rates, prices were very high causing the winning bids to be very high.
Now that prices have come down, customers can lower their Duke Energy bills by shopping the Ohio energy choice market for a more attractive rate offer.
The supplier with the cheapest rate for Duke Energy Ohio customers changes often, but it can be found by entering in your zip code in the electricrate.com price comparison platform tool. The rate finder search engine will reveal who has the cheapest alternative to Duke Energy on that specific day.
The easiest way to start receiving lower Duke Energy electric bills in Ohio is to select a low competitive electricity rate from a licensed Ohio power supplier.
