Illinois residents have seen a growing number of options in the past few years as the number of electricity providers has steadily risen. One of these newer electricity providers, Liberty Power, announced recently that it has introduced a new plan that offers the lowest electricity rates for Commonwealth Edison customers.

ComEd, the utility company for Chicago and much of northern Illinois, has seen a growing number of customers interested in switching electricity providers. Now these residents can take a 12-month electricity plan from Liberty with a fixed electricity rate of 5.83 cents per kilowatt-hour.

That amounts to roughly 25 percent less than the electricity prices being offered by ComEd. Liberty estimates that the average Illinois resident would save around $200 each year because of the lower price.

"Liberty Power first began serving Illinois businesses in 2007 and officially launched our Illinois residential efforts last October as we aim to offer low-cost electricity and exceptional customer service to all types of customers," Leah Lopez, executive vice president at Liberty, said in a statement. "We are delighted to provide customers budget certainty while also reducing their electricity supply costs by up to 25 percent."