Illinois Electricity Rates: Compare Prices Fast
Based in the Great Lakes regions, Illinois has the 6th largest population in the United States, with 12.7 million people. Most of Illinois, including Chicago and other major cities, is powered by nuclear power and natural gas, while 10% relies on renewable energy. Energy deregulation has empowered Illinois residents to choose their energy provider by comparing Illinois electricity rates and opting for the best electricity plans in their area. Here’s how Illinois’ electricity market works, and how to save on energy and get the best Illinois electricity rates.
General Information on Illinois Electricity Rates
The major natural gas suppliers in Illinois, such as Nicor Gas, People’s Gas, and North Shore Gas, provide the natural gas needed for electricity generation. As a result, retail energy prices also partially depend on natural gas rates.
However, it depends on whether the energy supplier is using natural gas, nuclear power, or renewable sources to generate electricity. In any case, Illinois electricity rates are generally lower than the national average.
For all Illinois residents, your electricity bill is divided into two main categories – supply and delivery services.
The supplier services are provided by the energy company that generates electricity. Their electric rates depend on the cost of producing power. Illinois has multiple local utility companies, and each of them has different electric supply companies in their service area. The total service cost includes the price per kilowatt-hour (kWh), cancelation fees, early termination fees, adjustments, and transmission service charges.
Your local utility company handles the delivery services. The electric utility company delivers your electricity, maintains the power lines network, and manages power outages.
Your delivery charges include the customer charge, meter charge, and distribution delivery & facilities charge. Other charges, such as cost recovery and clean energy assistance charges, among others, are allowed by the Illinois Commerce Commission.
The two main utility companies in Illinois are Ameren Illinois and Commonwealth Edison (ComEd). The electric supply companies may be different depending on your utility company, but companies such as Direct Energy offer plans in all areas.
You can learn more about Illinois electricity rates and the energy market here.
Energy Deregulation and How It Affects Illinois Electricity Rates
The Illinois Electric Service Customer Choice and the Rate Relief Law of 1997 introduced energy deregulation in Illinois. As a result, all commercial and residential customers are free to choose who provides their energy services.
While your local utility company remains the same, you have the power of Energy Choice to choose a different electric supply company. Retail energy has helped bring down electricity prices, thus, increasing energy savings.
If you don’t exercise your right to electric choice, your default utility company will offer you default service. The default service rate is your Price to Compare, and you can use it to compare the energy rates offered by other retail electric suppliers. The process will help you find the best Illinois electricity rates in your area.
Finding the Best Illinois Electricity Rates
All Illinois residents can choose from several energy supply companies. You only have to make sure that your new energy plan rates are lower than the Price to Compare to make sure you’re saving.
You can compare each energy company’s plans and rates to get the plan that works for you. You can search and try to shop for rates yourself, but watch out for the fine print, hidden fees, and escalating rates once your term ends.
The following is a list of retail electric suppliers for ComEd and Ameren Illinois.
Arbor scans the market and gives you the best rates you can get in your service area. When your contract term is expiring, Arbor finds the best rate and switches you again. You always pay the best rate and never have to worry about overpaying for electricity ever again.
You can also use the free savings calculator to find out how much you could save in each case.
Understanding Illinois Electricity Rates and Plans
Every electric supply company offers various plans with different rates, plan lengths, and benefits. You can change your energy supplier at any time, and doing so won’t stop your electric delivery.
You can check your current supplier and the rate you’re getting by getting a copy of your electric bill. You can use Arbor to find the best rate in your area and switch to the lowest cost supplier quickly to save time.
You can use Arbor to find the best rate in your area by using our free savings calculator.
Furthermore, customers can choose from different types of plans. These are the three plan options you’ll find in New Jersey.
- Fixed-Rate Plans: Fixed-rate plans allow you to pay the same electric rate throughout the length of a contract. We recommend fixed-rate plans because they provide price certainty and minimize risk. But be careful: when your term expires, your rate becomes variable and can go up without notice. Arbor automatically keeps you on the best fixed-rate plan, so you don’t have to worry about rate hikes at the end of your term.
- Variable-Rate Plans: Such plans are dependent on the retail energy market prices and can vary daily or monthly.
- Green/Renewable Energy Plans: Some energy companies offer partial or completely renewable electricity options, while others offer Renewable Energy Credits (RECs).
Some plans may ask you for a deposit. However, plans available through Arbor never require a deposit.
How to Choose the Right Energy Supplier
Depending on where you live in Illinois, your local utility company will be different. Both Ameren Illinois and ComEd have several energy supply companies in their service area, offering various electricity plans. You can use the Price to Compare or your current rate to check what plan offers the best savings to you.
After checking all the plans and Illinois electricity rates, you can choose the one that works best for you.
You should also check out how you can save on your energy bill with ComEd or Ameren Illinois. But electricity is complicated, which is why people trust Arbor to manage their electricity service for them, so they always pay the best electricity rate available in Illinois.