Compare the Cheapest Illlinois Electricity Rates for 2024
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Are you searching for the cheapest electric rates in Illinois? Look no further, because EnergyPricing.com is here to help!
This article will serve as your ultimate guide to finding the best electric rates in Illinois. We understand that comparing electric suppliers can be overwhelming and time-consuming, but we've got you covered.
Read on to learn how you can save money on your electricity bill and stay updated on current electric prices in Illinois.
Understanding Illinois' Electric Market
Thanks to deregulation of the electricity market in Illinois, residents have the freedom to shop for their electricity provider. This means that they no longer have to use the utility company as their electricity supplier. The ability to shop for each electricity contract provides commercial and residentail customers the chance to save money on their monthly bills.
This website is dedicated to providing the best electricity rates in Illinois. We partner with various electricity suppliers in Illinois that offer the most competitive rates on the market. Customers can easily access these plans to compare and find the best option for them.
Average Electric Rates in Illinois vs. National Average
How does the average electricity rate in Illinois stack up against the national average in the US? The most reliable source for this data is the Energy Information Administration (EIA). According to their latest report as of February 2024, below are the average Illinois electricity rates for residential and commercial customers.
- The average Illinois residential electricity rate is 15.73 ¢/kWh (3% lower than the national average).
- The average Illinois commercial electricity rate is 11.17 ¢/kW (11% lower than the national average).
Fun Fact: Did you know that Hawaii has the highest average residential electricity rate in the US? It stands at a whopping 43.53 ¢/kWh!
How to Compare Electricity Rates in Illinois
Finding the best electricity rates in Illinois doesn't have to be overwhelming. With EnergyPricing.com's easy-to-use interface, comparing rates is a breeze!
Compare Illinois Electric Rates in just 3 Easy Steps:
- Click the Get Started Button: This will direct you to all our available electricity suppliers in your area.
- Compare Rates and Suppliers: Our easy-to-use interface allows you to compare all the suppliers and plans effortlessly.
- Enroll Online: Once you find the perfect plan, you can enroll online in less that 2 minutes.
Would you like to see how it works in real-time? Watch the video below to learn how shop online with EnergyPricing.com.
Factors to Consider When Comparing Illinois Electric Suppliers
When shopping for energy suppliers in Illinois, it's essential to consider the following factors:
- Price: Be sure to compare different rates and plans from each supplier to find the best options for your needs and budget.
- Read Customer Reviews: Many customers will post reviews of their experience with each supplier. This can be a great way to get an idea of the customer service and reliability of each company.
- Company Size: Consider the number of customers a company has. It can indicate their size and stability. A larger customer base means more resources to meet customer demands.
- Company History: Researching a company's history can help you gauge its reliability. A company with a long history of reliable service is a positive sign of its longevity.
- Read the Contract: Read the entire agreement carefully before committing yourself to any provider. Look for hidden fees or penalties, cancellation clauses, and contract length.
Best Electric Suppliers in Illinois
Identifying the best electric suppliers in Illinois can be challenging, but don't worry! The U.S. Energy Information Administration has released a report ranking suppliers based on customer count. According to this report, here are the top 10 electric providers in Illinois:
- Homefield Energy.- 337,254 customers
- Constellation NewEnergy, Inc. - 146,687 customers
- Reliant Energy Northeast LLC - 114,369 customers
- Energy Harbor Corp. - 98,012 customers
- MC Squared Energy Services, LLC - 76,728 customers
- Dynegy Energy Services, LLC - 62,307 customers
- Direct Energy Services - 58,881 customers
- AEP Energy - 53,266 customers
- Ambit Energy Holdings, LLC - 48,063 customers
- Eligo Energy, LLC - 40,388 customers
It's important to keep in mind that there are additional options to consider beyond the well-known providers mentioned earlier. In fact, some of the most competitive electricity rates in Illinois can be found with emerging suppliers who are eager to gain market share by offering rates that undercut the established players.
Illinois Electric Utility Companies
While you have the freedom to choose your electric supplier in Illinois, your utility company is assigned based on your physical address. These Illinois electric companies are responsible for maintaining power lines and delivering electricity to your home or business. The 2 major electric utility companies in Illinois are Ameren Illinois Electric, and ComEd.
Click the Get Started Button below to compare rates in these utilities today.
Types of Electricity Plans in Illinois
When choosing an electricity provider in Illinois, you will typically have the option to select from one of these types of plans:
Fixed-Rates Plans - Fixed-rate plans are the most prevalent type of electricity plan in Illinois. As the name suggests, your rate will be locked in for a set period, usually 12-36 months. This allows you to budget more accurately since your rate won't fluctuate with energy market prices.
Variable-Rate Plans - With a variable-rate plan, your rate will change each month based on market conditions. While these plans may offer lower rates at times, they also come with the risk of higher electricity prices when the market is tight.
100% Green Energy Plans - If you're someone who cares about the environment and doesn't mind paying a little more for electricity, then a 100% Green Energy Plan could be the perfect choice for you. These renewable energy plans offset your energy usage by purchasing Renewable Energy Credits (RECs), which reflect the generation of renewable energy sources like solar or wind. By choosing this type of plan, you can ensure that your energy consumption is supporting renewable energy projects.
Commercial Electric Rates in Illinois
EnergyPricing.com also offers competitive commercial electric rates in Illinois. With our large network of suppliers, we can help businesses find the best rates and plans for their unique energy needs. Whether you're a small business owner or a large corporation, we have options to fit your budget and sustainability goals.
Below are some benefits of using EnergyPricing.com for your next commercial electricity contract.
- Direct Access to Providers: Our easy-to-use interfaces let you submit your commercial electricity accounts directly to our network of electricity suppliers. Just sit back and watch the bids come in!
- Transparent Pricing: At EnergyPricing.com, we believe in being 100% transparent with our pricing and will disclose how much electricity providers compensate us. Due to our automated online pricing process, we can offer some of the rates in the market.
- Expert Advice: Unsure which plan or energy provider to use? No problem. You will have access to an industry expert who can help you.
Tips for Lowering Your Electric Bill in Illinois
Looking to save even more on your electric bill in Illinois? Here are a few tips to help you lower your energy consumption and reduce your costs:
Shop for Better Rates - One of the easiest ways to reduce your electricity bill is to shop around for better rates. One option is Plugin Illinois, Illinois' PUC's shopping website. However, bear in mind that this site allows any licensed energy supplier to list offers, regardless of their service history or customer complaints.
In contrast, we pre-screen all our suppliers and energy plans to show you the best options. Unlike the state website, we're here to answer your questions and remind you when it is time to renew. And for business owners who need a customized rate, our online platform connects you directly to suppliers so you can sit back and watch the bids come in.
Practice Energy Efficiency - Simple changes in your daily routine can make a big difference when it comes to energy consumption. Some ways you can practice energy efficiency include turning off lights and electronics when not in use, using LED light bulbs, and adjusting your thermostat to lower temperatures in the winter and raise them in the summer. You can also consider investing in energy-efficient appliances and equipment.
Consider Renewable Energy - As mentioned earlier, choosing a 100% Green Energy Plan is an excellent way to support renewable energy while lowering your carbon footprint. You can also install solar panels on your property, which will not only reduce your electricity bill but also allow you to sell excess energy back to the grid.
With all the information and tips provided, you're now equipped to take control of your electricity rates in Illinois. Don't wait any longer - start comparing rates and enrolling in a new plan today with EnergyPricing.com.
Take advantage of our transparent pricing, expert advice, and our large network of energy suppliers to find the best electricity plan for your home or business. Say goodbye to high electricity bills and hello to savings!
Frequently Asked Questions
What is EnergyPricing.com?
EnergyPricing.com is an online marketplace that connects residential and commercial customers in deregulated electricity and natural gas states with energy suppliers.
How does EnergyPricing.com make money?
As a registered electricity broker with the Public Utility Commission in Illinois, electricity suppliers pay us a small commission for connecting customers like you with them. Here is a full explanation on how we make money.
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Paul Rhoads, CEM, CEP
Paul is the Vice President of EnergyPricing.com. He has over a decade of experience in the energy industry, advising clients on how to shop in deregulated energy states. In addition to his experience, Paul is a Certified Energy Manager (CEM) and Certified Energy Procurement Professional (CEP).
TABLE OF CONTENTS
- Understanding Illinois' Electric Market
- Average Electric Rates in Illinois vs. National Average
- How to Compare Electricity Rates in Illinois
- Factors to Consider When Comparing Illinois Electric Suppliers
- Best Electric Suppliers in Illinois
- Illinois Electric Utility Companies
- Types of Electricity Plans in Illinois
- Commercial Electric Rates in Illinois
- Tips for Lowering Your Electric Bill in Illinois
- In Conclusion
- Frequently Asked Questions