Compare Suppliers and Find the Best Ohio Electric Rates (2024)
Looking for the best electric rates in Ohio? Compare the best suppliers and plans in just a few clicks.
By Paul Rhoads, CEM, CEP
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Are you tired of paying too much for electricity in Ohio? Look no further, because EnergyPricing.com is here to help!
This article will serve as your ultimate guide to finding the lowest electric rates in Ohio. 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 Ohio.
Understanding Ohio's Electric Market
Before we dive into comparing suppliers, let's first understand Ohio's electric market. Prior to 1999, Ohio residents could only purchase electricity from their local utility company.
However, with the passing of Senate Bill 3 (SB3) in July 1999, Ohio's energy market was deregulated to allow for consumer choice. This Ohio electric choice law took effect on January 1st, 2001, and gave customers the option to choose from Certified Retail Electric Suppliers (CRES).
Average Electric Rates in Ohio vs. National Average
How does the average electricity rate in Ohio 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 Ohio electricity rates for residential and commercial customers.
- The average Ohio residential electricity rate is 15.74 ¢/kWh (3% lower than the national average).
- The average Ohio commercial electricity rate is 11.14 ¢/kW (12% 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 Electric Rates in Ohio
Finding the best electricity rates in Ohio doesn't have to be overwhelming. With EnergyPricing.com's easy-to-use interface, comparing rates is a breeze!
Compare Ohio 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 Shopping Ohio Electric Suppliers
When shopping for energy suppliers in Ohio, 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 Ohio
Finding the best electric suppliers in Ohio 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 Ohio:
- Energy Harbor Corp.- 701,618 customers
- AEP Energy - 380,159 customers
- Dynegy Energy East, LLC- 335,518 customers
- Interstate Gas Supply, Inc.- 228,977 customers
- Constellation NewEnergy, Inc- 94,304 customers
- Reliant Energy Northeast LLC- 85,429 customers
- Direct Energy Services- 61,293 customers
- Inspire Energy Holdings, LLC- 41,831 customers
- Commerce Energy, Inc.- 29,519 customers
- SmartEnergy Holdings, LLC- 25,749 customers
It's important to keep in mind that there are additional options to consider beyond the well-known providers mentioned earlier. Interestingly, some of the most competitive electricity rates in Ohio can be found with emerging suppliers who are eager to gain market share by offering rates that undercut the established players.
Ohio Electric Utility Companies
While you have the freedom to choose your electric supplier in Ohio, your utility company is assigned based on your physical address. These Ohio electric companies are responsible for maintaining power lines and delivering electricity to your home or business. The 6 major electric utility companies in Ohio are AEP Ohio, AES Ohio, Duke Energy Ohio, Ohio Edison, The Illuminating Company, and Toledo Edison. Click the Get Started Button below to compare rates in these utilities today.
Types of Electricity Plans in Ohio
When choosing an electricity provider in Ohio, 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 Ohio. 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 Ohio
EnergyPricing.com also offers competitive commercial electric rates in Ohio. 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 Ohio
Looking to save even more on your electric bill in Ohio? 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 Apples to Apples Ohio, Ohio 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.
In Conclusion
With all the information and tips provided, you're now equipped to take control of your electricity rates in Ohio. 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 energy deregulation in Ohio?
Energy deregulation in Ohio means city residents and businesses can choose from multiple electricity suppliers instead of depending solely on the local utility company. Ohio is one of the states where energy deregulation allows consumers to select an energy supplier and plan that best suits their needs and budget.
How do I compare electricity rates from different suppliers in Ohio?
Ohio residents can compare electricity rates from different suppliers using our advanced search and compare tool. We provide you with the latest and best plans from energy companies all over the U.S., including the deregulated Ohio energy market. Using our tool, you can see current offers, compare plans, and find information on switching suppliers.
What are the benefits of switching electricity suppliers in Ohio?
Switching electricity suppliers in Ohio comes with several benefits for the energy consumer. Thanks to the deregulated energy market in Ohio, switching electricity suppliers in Ohio can lead to lower rates, better customer service, and access to renewable energy options. It also allows consumers to find plans that match their energy usage needs.
Are there any risks to switching electricity suppliers in Ohio?
The main risk associated with switching your electricity supplier in Ohio is a lack of understanding of the terms of a new contract. You must carefully assess the contract and understand the technical jargon, rates, fees, and contract length. Consumers should carefully review these details to avoid unexpected charges or rate increases.
Is electricity generation in Ohio primarily from natural gas, and how does this affect my electricity rates?
Natural gas is a primary source of electricity generation in Ohio, contributing to a significant portion of the state's energy mix. Whenever natural gas is abundant, Ohio residents enjoy lower electricity rates. However, this also means that electricity prices in Ohio can fluctuate based on the local and international natural gas markets.
Can Ohio residents get electricity from renewable energy sources?
Many electricity suppliers in Ohio offer plans that include renewable energy sources such as wind and solar power. Ohio energy consumers can choose these green plans to support environmental sustainability and reduce their carbon footprint.
What factors should I consider when choosing an Ohio electricity plan?
When choosing an electricity plan in Ohio, various factors must be considered. You must consider the rate per kWh, contract length, fees, renewable energy options, and the supplier's customer service. It's also important to understand your energy requirements and check whether the electricity rate offered by the provider is fixed or variable.
How can I switch my electricity supplier in Ohio?
Switching your energy supplier is simple and usually requires contacting the new supplier and signing up for a plan. You can also use our online platform to search for various electricity companies in Ohio and compare their plans. It is worth noting that some suppliers may charge a switching fee or early termination fees.
What is the average electricity rate in Ohio?
Electricity rates in Ohio fluctuate based on market conditions. Thanks to the deregulated energy market, Ohio's electricity rates remain competitive. In other words, Ohio's energy rates match or are slightly below the national average. However, rates vary by region and supplier, so it's beneficial for consumers to compare rates regularly.
Do seasonal changes affect electricity rates in Ohio?
Electricity rates in Ohio can vary seasonally. Typically, Ohio residents see a rise in their electricity bills in the summer and winter when demand for heating and cooling is higher. Consumers may find variable rates affected by these seasonal demand changes. It is essential to adopt energy-efficient practices to minimize electricity rate fluctuations.
Are there any government incentives in Ohio to help low-income households with electricity costs?
Ohio offers various programs to help low-income households with their electricity costs, including the Home Energy Assistance Program (HEAP). These government-run programs and incentives are for low-income households. Ohio consumers can access these energy efficiency rebates and incentives through utility companies and the state government.
Are there green energy options available in Ohio?
Ohio's energy mix includes natural gas, coal, nuclear, and a growing portion of renewable sources. Wind and solar energy are gaining more popularity in Ohio every day. The diversity of energy options allows for a reduction in carbon emissions over time while also saving a lot of money in utility expenses in the long run.
What are Time-of-use (TOU) rates, and are they available in Ohio?
Time-of-use or TOU rates charge consumers different rates for electricity based on the time of day. Electricity companies use TOU rates to encourage off-peak usage of electricity. Some Ohio suppliers offer TOU plans. As an energy consumer, you can use TOU plans to save money by shifting your energy usage to off-peak times.
How can I reduce my electricity bill in Ohio?
Reducing your electricity bill in Ohio can involve various strategies. Switching to a more affordable supplier, improving home energy efficiency, and taking advantage of TOU rates are some of the most effective ways to reduce electricity bills. Regularly comparing plans and making energy-efficient home improvements can also lead to savings.
What is the difference between fixed-rate and variable-rate plans in Ohio?
A fixed-rate electricity plan gives you a specific electricity rate for a set period, providing price stability regardless of market changes. On the other hand, a variable-rate electricity plan allows your rate to fluctuate based on market conditions. Depending on market conditions, using a variable-rate plan could lead to savings or higher energy costs.
Are there any fees or penalties for canceling my electricity contract early in Ohio?
Some electricity plans in Ohio may include early termination fees. If you switch suppliers before your contract ends, you might have to pay a specified termination fee as a penalty. Hence, reviewing your contract terms with the Ohio electricity provider is essential to understand any potential penalties for early cancellation.
How long does it take to switch electricity suppliers in Ohio?
Switching your energy suppliers in Ohio is typically easy and takes one to two billing cycles, depending on the supplier. The good news is that service is not interrupted during the switch. As the physical delivery of electricity remains the responsibility of your local utility company, you can easily switch providers without any hassle.
What are some standard charges in Ohio electricity bills?
An Ohio electricity bill includes supply charges (by the company generating the electricity) and delivery charges (the cost of bringing electricity to your home). Depending on your unique situation, other fees, like taxes or demand charges, may also be included. Understanding these components in your electricity bills can help you manage your expenses.
What is net metering, and is it available to Ohio residents?
Net metering allows electricity consumers with solar panels to sell excess electricity back to the grid in exchange for credits. It is an excellent way to reduce utility bills but often comes with a hefty initial investment. Fortunately, Ohio offers net metering to its residents, making solar installations more financially viable for homeowners.
Which is the best electricity plan in Ohio?
The best electricity plan in Ohio can vary based on your energy usage requirements. Hence, you must assess your energy requirements and identify your energy usage patterns before choosing a new electricity supplier and a plan. You can then use our advanced search and compare tools to identify the best-suited supplier and plan.
Shop by Popular Cities in Ohio
| Akron Electricity Rates | Cincinnati Electricity Rates | Cleveland Electricity Rates |
| Columbus Electricity Rates | Dayton Electricity Rates | Parma Electricity Rates |
| Toledo Electricity Rates |
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Author
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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 Ohio's Electric Market
- Average Electric Rates in Ohio vs. National Average
- How to Compare Electric Rates in Ohio
- Factors to Consider When Shopping Ohio Electric Suppliers
- Best Electric Suppliers in Ohio
- Ohio Electric Utility Companies
- Types of Electricity Plans in Ohio
- Commercial Electric Rates in Ohio
- Tips for Lowering Your Electric Bill in Ohio
- In Conclusion
- Frequently Asked Questions
