About 700,000 Ohio residents will soon have the opportunity to lock into electricity rates for as long as seven years, no matter how the wholesale price fluctuates, Cleveland Live reports.

According to the news source, all of Northeast Ohio Public Energy Council's customers will have the option to enter into a seven-year, fixed price electric contract for 6.75 cents per kilowatt hour. The contract was developed alongside FirstEnergy Solutions, an independent retail energy provider and subsidiary of FirstEnergy Corp.

On average, the typical Ohio household uses between 750 and 1,000 kilowatt hours of power every month. However, even though they could be locked into the rates, the delivery charges on the residents' bills will remain the same as they are now.

Diane Francis, a spokeswoman for FirstEnergy Solutions, said the contract is "an unconventional length for a long-term contract," while other industry leaders have said it is one of the longest, most unique contracts ever created.

FirstEnergy Solutions is able to attract customers to such a plan through the energy deregulation laws that have been implemented in Ohio. In addition to fixed rates, retail energy providers also offer a host of other incentives to entice people to switch electricity suppliers.