Electric choice options are heating up in some markets as we begin to enter the high energy summer season. Customers who use websites to perform electric price comparisons will give themselves access to the most options and highest electric rate savings.
In Philadelphia, electricity customers of PECO energy are experiencing electric choice for the first time and a surprising number of residential and business customers are power shopping for lower energy rates. PECO energy default rates are going to rise in the summer which has prompted people to explore electric rate options quicker than some had expected. Because PECO default rates change on a quarterly basis initial savings have not been huge, but people are starting to see that locking in a low electric rate can be beneficial as it protects you from future increases. The other side of that argument is that default rates can go down causing you to be stuck paying a higher electric rate with another electric supplier. While this a possibility, historic energy prices have shown that rates tend to go up in the summer. Unfortunately, it will probably take a large energy spike for some people to start looking into their electricity choice options
In Texas, which has enjoyed a competitive electricity market since 2002, thousands of customers who had not previously power shopped saw their electric rates triple in the summer of 2008 due to rising natural gas prices. Electric customers who had previously locked in low rates were not effected by the increases. Today the majority of Texas electricity customers are in some type of electric supply contract.
New Jersey electricity customers are also getting low electric rate offers that can protect them from summer rate increases. Performing an energy comparison of all the offers will allow electricity customers to get the lowest offers with the best promotional offers. Promotional offers as high as a $75 gift card are available in New Jersey.
Though residential electric rates lowered in 2011 for PPL electric customers, the lowest electricity rates in the PPL territory are being offered by competitive electric companies. The PPL area contains about 1.2 million residential electricity customers in central Pennsylvania. The majority of these customers are paying the default rate for their electric generation service known as the price to compare.
Customers paying the PPL default rate can find better electricity prices by shopping for competitive rates. Those consumers who have taken the time to learn about electricity choice have realized that it makes sense as the end result is a lower electric bill.
Despite the price to compare rate coming down from 10.44 in 2010 to 9.27 in 2011, PPL customers can save an additional 9% if they lock in a fixed electricity rate by going here. Even after choosing another electricity supplier, customers continue to receive their electricity bill from PPL. PP&L is a local utility company. Even though Pennsylvania has deregulated the electricity market, PPL continues to serve at the electric delivery company for all of their customers, as well as continues to send the monthly electric bill to all of their customers, even the ones who have switched suppliers.
Current Competitive Residential PPL Rates:
New Jersey power consumers are finding savings through the state’s electricity choice program. Electric choice in New Jersey has brought in more than a dozen electric suppliers offering electricity rates to commercial and industrial customers over the last several years. Now electricity suppliers are starting to offer residential rates in New Jersey.
NJ power shoppers who take the time to compare electricity offers are finding the best deals. In addition to low electric rates that offer significant savings versus utility default rates, some electric suppliers are offering incentives and promotions to entice customers to switch. Despite electric bill savings of over 20% in some cases, less than 8% of New Jersey residential electric customers have switched suppliers.
Those who have not switched continue to pay a high default rate with their local electric utility company – PSEG, JCPL, ACE, Rockland. PSEG and JCPL have been pushing power shopping and choice to their customers to help spread the word. Though New Jerseyans now have a choice of who supplies their electricity, the power continues to be delivered by the local utility companies. PSEG, JCPL, Atlantic City Electric, and Rockland Electric do not lose the customer when they switch electric suppliers. Instead, the utility company continues to bill the customer and charge regulated rates for power delivery. The only thing that changes is that instead of paying the high default supply rate, the customer pays a competitive supply rate. If that competitive rate is lower than the default rate, than the customer saves money on their electric bill.
Here are some current low power rates in New Jersey:
PSEG Rates
JCPL Rates
Atlantic City Electric Rates
Electricity customers in Dallas and the surrounding cities have more options with electric companies than ever before. The electricity market is in full swing for commercial, industrial and residential energy users.
Due to low natural gas prices, residential customers are signing electricity agreements with electric companies at all time low rates. However, many people are still over paying on their electric bill. The main reason for the price discrepancy lies in the fact that just two short years ago electricity rates in Texas were at an all time high. During those months in 2008 many customer signed electricity rate contracts at prices that were twice as high as they are today. As many of those contracts expire, electric companies continue to charge the higher electric rates assuming that their customers will not shop for lower rates.
Customers that do shop and compare Dallas electric companies will find low electric rates that can cut their electric bill in half. In order to attract customers some electric companies are offering other incentives on top of the low electricity rates
Here are some current low electric rate offers from Dallas Electric Companies (updated daily):
