Electricity Rates in Peoria, IL
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 Illinois.
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.
How to Compare Providers in Peoria
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.
Medium and large businesses can shop for lower rates by filling out our Online Business Electricity form. We’ll reach out to our network of providers to negotiate the lowest rate for your business AT NO CHARGE. There’s no obligation to switch unless you decide to do so.
Home and small businesses should consider the following when comparing providers and their plans:
1. Electric Rates
Use our free Compare & Switch tool to find available providers in the Peoria area. Just scroll to the top 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.
2. 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.
3. 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.
4. Energy Source: Renewable v. Traditional Power
If you are interested in powering your home or business with renewable electricity, you’ll find that many providers are offering Green Electricity plans that derive electricity from partial or 100% renewable sources such as wind and solar. You’ll find that these plans are quite affordable as well, with rates often below what you’re currently paying for traditionally-sourced electricity like coal.
5. Sign-Up Bonuses & Other 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.
How to Sign Up with the New Provider
You may sign up with the new provider through the Compare & Switch tool or by calling the provider of your choice. Through the tool, just click on the plan you want and fill out the online form. In either case, you’ll 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.
Electricity Aggregation in Peoria
A growing trend in Illinois is electricity aggregation, whereby a city, municipal, or community collectively shops for a retail electricity provider. Generally, the community will vote on such a measure, and then a committee selects a provider with low rates and other incentives, such as partial or 100% renewable electricity. Customers in aggregated areas automatically begin receiving their electric supply from the chosen supplier, with no changes on their bill or meters.
Rockford began its aggregation program in 2012, saving residential customers a substantial amount on supply portions of their bills. What many residents don’t know is that they can still shop around as individuals to find even lower rates.
POWER SAVERS CORNER
Because the best way to save money on energy costs while also saving the environment is to use LESS power.