Due to Illinois’s location in the Midwest, average electricity rates in the state are below national averages. But what many Peoria residents and businesses don’t know is that they can save even more on their electric bills by shopping around for electric rates that are lower than what they’re paying now through their default utility, Ameren.
Peoria has been open to electric choice for over a decade now. Since then, many retail electricity providers (aka alternative service providers) entered the electricity market and began competing with each other to sell electricity to homes and businesses. As the competition increases, prices are driven down.
If you decide to make the switch, remember that Ameren will still deliver your electricity with the same reliability and service as always, since electric distribution (delivery) is different from electric supply (the actual electricity). Ameren will continue to send your bill, respond to power emergencies, and maintain the wires and poles that deliver the electricity to your home or business.
Compare Peoria Electricity Rates
There are several retail electricity providers that service the Peoria area. While many have plans with lower rates than Ameren, not all plans are created the same. Providers will generally offer a few different plans, each with a different electric supply rate, contract duration, rate type and other incentives.
Home and small businesses should consider the following when comparing providers and their plans:
Use our free Compare & Switch tool to find available Peoria electricity rates. Go to the right side of this page, type in your zip code, and select Ameren 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 are found on your most recent Ameren bill. The rate is expressed in cents per kilowatt hour (kWh) and appears under the section, Electricity Supply. This rate is often referred to as your ‘Price-to-Compare’ and will look something like 400 kWh @ $0.0659. Here, the 6.59 cents is your Price-to-Compare. Compare this rate with the rates you see in the Compare & Switch list.
Rate Structure: Variable or Fixed?
Electricity plans come with either fixed or variable rates. Fixed-rate plans have one low rate that you will pay for the total length of your contract with the provider. Variable-rate plans will offer an initial rate, and then the rate is subject to change each month depending on wholesale electric prices and other factors.
Most providers will require you to agree to a contract. Contracts lengths vary from as little as 3 months to as long as 36 months. Most customers are comfortable with a 6 to 24 month plan.
Renewable Energy Plans
Interested in powering your home or business with renewable electricity? You will find that many providers are offering green electric plans that derive electricity from partial or 100% renewable sources such as wind and solar. These plans are quite affordable as well, with rates often below what you’re currently paying for traditional electric plans.
Electric Provider Incentives
Retail electricity providers want your business. For this reason, many offer incentives to keep you as a customer. Many providers offer sign-on bonuses, discounts on energy-related products and services, and rewards programs that allow you to earn free electricity, cash-back, airline miles, and more.
Switch Peoria Electricity Rates
You may sign up with the new provider through the Compare & Switch tool. Through the tool, just click on the plan you want and fill out the contact and account information forms. you will need your most recent Ameren bill on hand so you can input your account information.
Remember, Ameren 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 Ameren bill.