The 473,000 PECO customers who set out to find the best electricity rate and switched to an alternative energy supplier are feeling confident in their decision, considering their electricity bills would be significantly higher if they hadn't made the switch.

According to the Montgomery News, the rate hike that went into effect on Monday is expected to come down eventually, however, for the first three months, the increase could have a serious impact on customers who did not switch energy providers. Effective immediately, the price of PECO-provided kilowatt hour cost 10.5 cents, much higher than the earlier rate of 8.64 cents.

"This only impacts people who are not purchasing from an alternative supplier," said PECO spokeswoman Engle Menendez.

Menendez added that Pennsylvania's competitive electricity market has helped thousands of people lower their electricity rates, and that the utility – which does not receive revenue by supplying power – says residents should search for the best electricity rates.

"We really do encourage customers to take advantage of the competitive market," Engle Menendez said. "I hate to use the phrase, 'It makes no difference,' but the [supplier] doesn’t impact the utility one way or the other and people could save some money."