Pennsylvania residents to see opportunities in electricity competition

Pennsylvania residents have a growing number of options and the holiday season could offer a good opportunity to shop for lower electricity prices as well, according to The Philadelphia Inquirer.

Electricity deregulation only began in earnest in Pennsylvania at the start of the year, with the artificial rate caps that prevented competition being lifted.

Though the change led to higher electricity rates for many customers, it also opened up the market to a large number of electricity providers, with the number of electricity suppliers in Peco Energy's service area doubling to nearly 40.

With this important change, Pennsylvania has provided a power market for residents, offering easy options for switching electricity providers and resources to help understand the change.

These tools will prove crucial as companies begin special holiday offers for the many residents that have yet to change providers. These sales could prove important, as on average one cent lower electricity rates results in another $90 in savings on annual bills.

According to PAPowerSwitch.com, only around 24 percent of residents have switched electricity providers.

Aside from lower electricity prices, Pennsylvania hopes that increasing competition could encourage the adoption of services like renewable energy and variable rates by time of day.