PPL electricity customers continue to find savings on their electricity bills.
Since capped rates expired at the beginning of the year, more and more PPL customers have started to shop for third party electric suppliers to save money against the high PPL default electric rates. People are discovering that there are significant savings available for taking the time to compare electric providers.
Businesses especially have benefited from the competitive electricity market. Large businesses who spend over $10,000 a month are saving as much as 30 percent in some areas. Meanwhile, PPL residential customers are saving a more modest 10-18 percent through various electric companies.
While PPL default electric rates are expected to decrease in 2011, current electric rates are well below the 2010 default prices and less than what the 2011 rates are expected to be.
The Pennsylvania competitive electric market has provided a number of product options for electricity consumers, including low variable rates and peace of mind fixed rates.
Right now, the lowest residential electricity offer is $0.08884 per kilowatt hour, a 15% savings off of the default rate. That rate is being offered by Champion Energy, who recently won an award for Customer Satisfaction in Texas. Champion offers consolidated billing in the PPL area, which means that their customers still receive their bill from PPL electric. The only difference is that instead of paying the $0.1044 PPL rate for Generation and Transmission, they will pay $0.0884. The delivery charges remain the same.
Residential electricity customers in the PSE&G utility area are finding significant savings on the electric bills. The summer of 2010 is the first summer in New Jersey where there has been real electricity choice for residential consumers. Though power choices are still limited compared to some other deregulated states (Texas, Connecticut, Pennsylvania, New York, Maryland) New Jersey customers have found that energy deregulation can be a good when attempting to have lower electricity bills.
The lowest option for PSEG residential customers can always be found on our electricity prices page. We have seen rates as low as 10.75 compared to the PSEG default price to compare rate of 12.24 for the summer months of June through September. Bigger households have to pay even more as their rates rise to 13.21 cents per kilowatt hour after the consume 600 KWH every month, which is about how much a 1 bedroom apartment would use in the summer. These results in savings between 12-19%.
Here are the current rates we found (updated daily):
PSE&G residential rates will be about 12.27 from October 2010 to May 2011. What most people don’t realize is that even after you switch electric companies and start paying a lower rate, you remain a PSEG customer as they continue to monitor the lines and wires for the electricity and the billing component. So at the end of the day, the only thing that changes is that you pay a lower New Jersey electric bill.
Though participation in the New Jersey electric choice program has been slow when considering the significant savings available, things have started to pick up as more people start to realize the electric savings potential.
In Central Pennsylvania, electricity customers of PPL are finding that they can lower their monthly electric bill by comparing electricity companies and finding a competitive electric rate.
The price to compare rate for PPL residential customers, also known as the default supply rate, is $0.10448 per kilowatt hour. The lowest fixed electric rate that we have been able to find for customers in the PPL area is $0.0889 per kilowatt hour, an easy way to save 15% off of the electricity bill. To lock in these savings go to Champion Energy. The plan locks in the low rate for 12 months.
A month-to-month variable rate with 11% savings versus the PPL price to compare rate is available with Verde Energy, also known as Low Cost Power. They also have a $50 cash back bonus program when you sign up with them.
The price to compare rate is expected to be lower in 2011, but it is unlikely it will go well below 10 cents, if at all. Competitive electric rate offers allow residential customers to lock in low fixed rates for up to two years, allowing protection from rates increasing drastically.
The electricity wholesale market is highly correlated with the natural gas market. In recent years the natural gas market has been extremely volatile. In Texas, where electricity has been deregulated since 2002, customers saw all time high electric rate prices in the summer of 2008 followed by some of the lowest rates just one year later in the summer of 2009.
Though Connecticut has some of the highest utility electricity rates in the country, many Connecticut Light and Power and United Illuminating Energy customers are discovering that shopping for lower electric rates can result in lower Connecticut electric bills.
The restructuring of Connecticut’s electricity market allows energy users to choose who supplies the generation component of their electricity bill. Those customers who do not shop and compare electricity companies remain on the CLP or UI generation default electric rates.
Connecticut Light and Power (CLP) and United Illuminating (UI) continue to control the delivery component of the bill as well as the invoicing of the electric bill itself. Choosing an alternative energy company to supply your electricity simply results in the rate on your bill changing so that you pay less and have a lower electric bill.
Connecticut electric rate payers are finding savings for their residential homes as much as fifteen percent, while commercial and industrial electric customers are saving as much as twenty-five percent. If you haven’t already done so, now is the time to compare electric companies and find the lowest electric rates in Connecticut.
