Illinois Electricity Rates
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Illinois Energy Deregulation
In 1999, Illinois established energy choice and was added to the list of states now deregulated for electricity. Unfortunately, due to rate caps and approved just the year prior, it wasn’t until 2008 to 2009 that residential and small commercial customers really were able to switch to an alternate retail electricity provider. Deregulation prevents monopolies with utility companies and drives rates down for the consumer. The transition process can take time to be established and accessible to the consumer.
In a deregulated market, suppliers purchase energy and set their costs accordingly. Because there is more than one supplier in your service area, there is competition. As a result, the market rates stay lower than they would in a regulated market. Once you commit to a supplier, they will send your energy to your utility for distribution.
The energy market changes daily, which means a rate today can change with the market up or down. Staying on top of the market conditions and locking in your agreement when the market is low is important. No matter if your commercial energy agreement expires next month or two years from now, you can take advantage of current market conditions to lock in your next agreement.
Illinois Energy Utilities
Illinois is the fifth largest consumer of energy in the country. As of February 2021, the average retail price of electric in Illinois was 12.26 cents. In Illinois, utilities operate in set service areas and support consumers by fixing outages, maintaining power lines and sending out bills every month. They are your first point of contact for distribution concerns or emergencies.
Commonwealth Edison (ComEd): (800) 334-7661
Ameren Illinois: (800) 755-5000
Shop For A New Supplier
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Residential & Small Business Rates in Illinois
If you are shopping for your home or have a small business that consumes under 250,000 kWh’s per year, our online portal may be the best path for getting started.
Schedule A Reverse Energy Auction
Larger commercial and industrial clients can easily benefit from our reverse energy auction process. Schedule your next auction and review bids in one easy spot.
Electric Rate Options in Illinois
Shopping for a new electric plan comes with lots of options. Here are a few basic options to understand before starting the process of purchasing Illinois electricity rates.
Lock in your cost with less risk if the market goes up. A fixed rate will stay the same for the length of your contract.
Higher risk comes with a variable agreement because the rate changes each month based on the market. If the market drops, you’ll see savings but the latter is if the market goes up, you’ll pay for that as well.
Want To Learn More?
Before You Shop For Illinois Electric Suppliers
Before you jump into your supplier search, you need to review a few aspects of your energy needs
Contract End Dates
First and foremost, you need to find out when your current contract ends. If you start service with a new company before your term ends, you’ll likely end up paying termination fees.
Additional Fees and Charges
Understanding cancellation clauses and pass-throughs can help you budget for your new agreement. Not all fixed contracts are created equal. We can show you models with any changes that may come up.
Monitor the Market
Lower rates should be locked in for longer terms. Higher rates lend to a shorter term agreement. Factors such as supply & demand, political changes, legislation and weather can all impact the market for the short and longer term.
Common Electricity Terms
Navigating the market does not need to be complicated. Here are the basic terms to master:
Suppliers make up the electric supply portion of your bill. They provide you with the power based on the agreement you enter into.
Your utility company is based on your location. You cannot shop for a new one. They send the energy to you from the supplier you selected.
Consolidated and Dual Billing
Consolidated billing is most common in the industry. It’s a line item change on your electric supply to show your new supplier but you still pay one bill to the utility each month. Dual billing is separated into two bills; one to the utility for distribution and the other to the supplier for their costs.
Simplified Ways to Switch.
No matter how you choose to switch, we’ve got options for Illinois electricity rates.