The number of PSEG electricity customers who are purchasing their power from competitive suppliers remains below 14% as of May 2013. Though the number of competitive power shoppers has steadily increased, the overall electric switch numbers are low compared to other competitive power markets in the United States. The slow number of shoppers has occurred despite rising PSEG default rates and low competitive electricity rates that are yielding electric bill savings above 20% in some cases.
For those PSEG power customers who have accepted New Jersey electricity choice into their lives, the result has been lower PSEG electric bills and price security into the near future. There are currently 246,000 residential customers in the PSEG service area buying their power from competitive energy companies out of 1,835,000 households in the area. These consumers have taken the time to compare electricity rate offers and find the best offer that fits their specific needs.
Many people have pointed to the slow growth of the New Jersey electric choice market to the limited marketing the state has implemented to educate their citizens. In contract, the Texas and Pennsylvania state governments have marketed electric choice with consumer friendly websites. In both states residential electricity switch percentages are hovering around 50%.
Others have pointed to the difficulty in finding the correct identification number on the PSEG electric bill to submit a switch request. In Pennsylvania the number needed to submit a switch request for the two largest electric utilities PPL and PECO Energy, is a simple 10 digit account number clearly visible at the top of the electric bill on every page. In contrast, the number needed for PSEG electric switch requests is the POD ID number which is an 18 digit number that follows the letters “PE” and can only be found in one small place situated mid-page. Some elderly consumers have complained that once they actually find the number the print is too small to even read. Furthermore, if PSEG also provides gas to the customer, a second POD ID exists on the bill for gas service which the customer often confuses as the electric POD ID.
Though electricity choice in New Jersey has had its hurdles, the private sector has stepped in to help push the ball that is already rolling slowly. Competitive suppliers are offering lower electricity prices and information sites such as NJelectricity.org have been developed to help educated New Jersey consumers about their energy choice options.
Competitive PSEG electricity rates updated daily:
Energy choice is bringing thousands of consumers lower energy bills in cities across the country who have embraced electricity and natural gas competition. Some areas are seeing larger savings dependent on a number of issues including how the specific state’s energy choice bill was written and how the local utility purchases their power supply for default paying customers, or consumers who are slow to shop for lower competitive electric rates.
Pennsylvania electricity customers in the Duquesne Light area are seeing some of the best electric rate shopping opportunities in the history of energy choice. Duquesne Light delivers power to over 560,000 residential customers in western Pennsylvania in the Pittsburgh area and suburbs. Customers in this area who remain on the Duquesne Light Price to Compare – the default rate structure that non-choice participants pay for power – can enter into an fixed electric rate contract with a competitive supplier that is over 30% lower; simply put, they can save over 30% on their Duquesne Light electric bill.
To date, over 44% of Duquesne Light residential customers have taken the time to search, find, and compare electric rates. These customers are enjoying electric bills that are 30% lower than if they hadn’t taken a few minutes to search for the best Duquesne Light electric rate. All else considered, the switch percentage in western Pennsylvania is healthy and high enough to ensure that Pennsylvania electric choice remains constant in the state. However, this also means that close to 56% of the residential electric bills that Duquesne Light sends out every month are missing out on a huge savings potential.
Here are a list of some of the best Duquesne Light electric rates, updated everyday:
Residential electricity prices will be increasing on April 1, 2013 for PECO Energy customers who have not shopped for a competitive electric rate. The current PECO price to compare rate – which includes power generation supply, the alternative energy portfolio standard charge, and transmission charge – of $0.0869 will increase to $0.0959 on April 1st, an increase of nine-tenths of a penny or 10.4%.
The rate increase will only occur for PECO Energy customers who are on default electric service. Default customers are those consumers who have not taken the time to shop for a lower electricity price from a competitive electricity company. As of January 16, 2013, 69% of PECO Energy customers remain on the PECO default service. The 10.4% increase on April 1st is expected to increase the number of PECO electricity shoppers as competitive energy companies are offering low electricity rates below even the current default prices.
The 31% of PECO Energy customers who have participated in the Pennsylvania electricity choice market will not be affected by the PECO electricity rate increase. Consumers who have locked themselves into low fixed electric rates can take pride in the fact that while the PECO electric bill will increase by 10% for the majority of their neighbors, their bills which most likely are already lower, will not see a rate increase.
One of the greatest benefits of Pennsylvania electricity choice is that it brings rate product choices to consumers. Many of the Pennsylvania consumers who have participated in electric choice have opted to select fixed rates that last a year or longer. This strategy has proved to be beneficial with the recent news of utility default rates increasing. Not only will selecting a fixed rate save you money in the near term, but it can help you save even more throughout the year as PECO adjusts their default Price to Compare.
See below for a list of competitive PECO electric rates that are apples-to-apples comparisons to the PECO default price to compare.
The competitive natural gas market is heating up in southeast Pennsylvania as PECO gas customers are learning that they have choices when it comes to who supplies them with gas to heat their homes this winter. Energy choice awareness picked up tremendously in 2012 in the PECO electric territory as 33% of the residential market bought their power from competitive electricity companies. This year natural gas shopping could have similar participation.
The PECO Gas price to compare, the default rate that PECO customers pay for gas service who do not shop for competitive rates, changes every three months. Currently natural gas prices are low compared to their historic averages. This presents a good buying opportunity for homeowners who want to lock in a low fixed gas rate for a year to protect themselves from potential gas rate increases.
As has been the case with electric choice, many competitive gas suppliers are offering incentives for customers to make the switch including cash back and gift cards. Ultimately price should be the most important thing when shopping for lower PECO gas rates, however getting a free gift never hurts!
Below are some competitive PECO gas rates available now. All rates are update daily and we will add offers as we receive them. Happy gas shopping!
