Electricity Rates in Rockford, IL
Electric rates in Illinois are slightly below national average rates, but residents and businesses in Rockford, IL can save even more on their electric bills by switching to a retail electricity provider that offers a lower electric supply rate than the default utility, Commonwealth Edison (ComEd).
Retail electricity providers are basically third party retailers of electric supply. When customers make the switch and purchase their electricity from a retail provider, all that really changes is a different rate on your monthly electric bill. Since ComEd is a distribution utility, it has no incentive to keep you as a supply customer. If you switch suppliers, ComEd will continue to service and deliver your electricity with the same reliability it always has.
How to Compare Providers in Rockford
Various retail electricity providers operate in Rockford. Many have lower rates than ComEd, but not all providers are created the same. Generally, providers offer a few different plans that have varying features such as contract length, rate structures, and value-adding incentives.
Medium and large businesses looking for lower rates can fill out our Online Business Rate Form. We’ll contact our network of providers to find the lowest rate for your business at NO CHARGE. There’s no obligation to make the switch.
Home and small businesses will need to consider the following when comparing providers and their plans:
1. Electric Rates
Use our free Compare & Switch tool to find available providers in the Rockford area. Just scroll to the top of this page, type in your zip code, and select ComEd as your utility. Now you’re ready to compare your rate with the rates that the providers are offering.
The supply rate you’re currently paying, either through ComEd or a retail electricity provider (if you’ve switched before), can be found on your most recent ComEd bill. The rate is expressed in cents per kilowatt hour (kWh) and appears under the section, Electricity Supply Services. Your total Price-to-Compare, the rate you’re currently paying, is the sum of the two charges, ‘Electricity Supply Charge’ and ‘Transmission Services Charge’. In the example below, the resident’s Price-to-Compare is 6.77 cents/kWh + 0.816 cents/kWh = 7.586 cents/kWh.
2. Rate Structure: Variable or Fixed?
Electricity rates are either offered as ‘fixed’ or ‘variable’. With variable-rate plans, you will initially be charged the rate you see offered in the Compare & Switch tool, but this rate is subject to go up or down each month, depending on wholesale electricity prices and other factors. With a fixed-rate plan, you’ll be charged the rate you see for the entire duration of your contract. The choice is yours.
3. Contract Lengths
Most of the time, you’ll have to agree to a contract with the new provider. Contract lengths can vary from as little as 3 months to as long as 36 months. Most customers opt for a 6 to 24 month plan.
4. Energy Source: Renewable v. Traditional Power
If you are interested in powering your home or business with renewable electricity, you’ll find that many providers are offering Green Electricity plans that derive electricity from partial or 100% renewable sources such as wind and solar. You’ll find that these plans are quite affordable as well, with rates often below what you’re currently paying for traditionally-sourced electricity like coal.
5. Sign-Up Bonuses & Other Incentives
Since retail electricity providers are competing with each other for your business, most offer you other incentives aside from low rates. Sign-on bonuses are quite common, allowing you to save even more for the first month or so with your new provider. Some providers offer membership programs where you can save on energy-related products and services as well as local services that aren’t related to energy. Many providers are even offering rewards programs where you can earn cash-back, free electricity, and points towards travel and dining.
How to Sign Up with the New Provider
Signing up with a new provider is fast and easy. To sign up through the Compare & Switch tool, just click on your plan of choice and fill out the online form. Otherwise, just give the new provider a call. Either way, have with you a copy of your most recent electric bill so you can give your account information.
Remember, ComEd will continue to deliver your electricity with the same service and reliability as always. All that really changes is a different electricity supply rate on your monthly ComEd bill.
Electricity Aggregation in Rockford
A growing trend in Illinois is electricity aggregation, whereby a city, municipal, or community collectively shops for a retail electricity provider. Generally, the community will vote on such a measure, and then a committee selects a provider with low rates and other incentives, such as partial or 100% renewable electricity. Customers in aggregated areas automatically begin receiving their electric supply from the chosen supplier, with no changes on their bill or meters.
Rockford began its aggregation program in March 2012, saving residential customers an average of 40% on the supply portions of their bills. What many residents don’t know is that they can still shop around as individuals to find even lower rates.
POWER SAVERS CORNER
Because the best way to save money on energy costs while also saving the environment is to use LESS power.