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Springfield Electricity Rates

Written By: Aaron Weber

Last Updated: 11/10/2020

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Springfield is the capital of Illinois with a population of 116,250 as of the 2010 census. However, the city is estimated to have grown in population to over 211,000 residents today. The city is located in the center of Illinois and is surrounded by rural farmland.

Springfield residents were given the choice to switch off their utility to a retail energy provider in 1997 with the passing of the Illinois Electric Service Customer Choice and The Rate Relief Law. This law called for the current utilities in Illinois to restructure and opened the doors for retail energy providers to start to offer their rates to Springfield residents.

Compare Springfield Electricity Rates

There are several retail electricity providers that service the Springfield area. While many have plans with lower rates than your utility, 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:

Electric Rates

Use our free Compare & Switch tool to find available Springfield electricity rates. Go to the right side of this page, type in your ZIP Code, and select 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 utility 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.

Contract Lengths

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 Springfield 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 utility bill on hand so you can input your account information.

Remember, your utility 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 utility bill.