ComEd Electric – Chicago Energy Rates
ComEd is among the largest electricity suppliers to Illinois serving 70 percent of the state’s residents. The company’s service area extends to Iowa to its west and Indiana to its east. The company is a subsidiary of Chicago-based Exelon Corporation, which is a subsidiary of Thomas Edison. The company has invested about $5 billion in its transmission and distribution system since 2001. It has also installed more than 3 million smart meters. ComEd publicly is in favor of price competition.
ComEd provides a variety of supply plans. The company also has a Net Metering program, where customers can sell excess energy to other suppliers. Customers can also take part in the solar rebate program. The bill estimator tool from ComEd can be used to assist customers determine whether they can save money by switching suppliers. Some suppliers also charge an early termination fee.
The Illinois energy market was deregulated in 1997. This meant that customers had more choices than ever before. Ameren and Illinois Power were the other major suppliers to the state, in addition to ComEd. Customers can choose to purchase energy from any of the three suppliers or choose a supplier of their choice. Customers could also choose to purchase natural gas or renewable energy from a third-party vendor. The utility was required to provide the energy but was not permitted to make a profit from the rates of supply.
The utility is also required to maintain its power lines and infrastructure. ComEd maintains power lines and infrastructure in a separate division of the company dubbed the Field Assets department. It also repairs and manages power outages. A third-party supplier ensures that the cost of energy is kept to a minimum.
ComEd also offers its customers the choice of an hourly pricing plan. Customers who sign up for the Hourly Pricing program will not automatically be enrolled in the electric aggregateion program. Customers who choose to opt out of the Hourly Pricing program will receive an opt-out notice at their ComEd billing address.
ComEd also provides an initial rate, called the Price to Compare. The Price to Compare is the default supply rate for Energy Choice. It is 6.473 cents per kilowatt-hour for summer 2020.
The ComEd Price to Compare is just one of many ways that ComEd helps its customers save money. The Smart Grid project, which the utility has also invested over $2 billion, is another instance of how much the utility has invested. ComEd also assists organizations focused on the environment and the arts. ComEd also invests in programs like the CONSTRUCT program which promotes energy efficiency in its service territory. ComEd has also cut its costs for service by $1 billion. It has also invested in numerous community programs. ComEd has also established a track record in addressing major community issues.
ComEd customers need to make an informed choice when selecting an electric provider. Customers have the option of exploring municipal aggregation, or locating a less expensive alternative to their current provider. There are hundreds of Illinois municipalities that have enrolled in aggregation programs.
The Illinois Energy Choice website allows customers to compare electricity rates from various suppliers. The website also has information about the energy industry.