Bloomington Electricity Rates
Contents
- 1 Bloomington Electricity Rates
- 2 Ameren Utility Operates in Bloomington
- 3 Contact Ameren for Power Outages
- 4 Choosing an Electric Supplier
- 5 What is The Price to Compare?
- 6 Is There an Early Cancellation Fee?
- 7 Fixed vs. Variable Rates?
- 8 Conventional vs. Green Energy Plans
- 9 What Happens at The End of my Plan?
- 10 View by City
- 11 Clean Energy
- 12 Electricity Rates
Residents in Bloomington, IL have the power to choose an electric supplier and lower the supply rate on the electric bills. Bloomington electricity rates fall under the Ameren utility service area. The Illinois Electric Service Customer Choice and Rate Relief Law opened the door to outside energy suppliers to provide generation services to homes and businesses in Illinois. Deregulating the electricity market has given residents more options when choosing an energy plan. The increase in competition has helped push down energy prices. When energy companies compete, the consumers win.
The city of Bloomington is located in central Illinois and has a population of just under 80,000. The weather consists of warm summers and cold winters. The city receives just over 20 inches of snow annually.
Ameren Utility Operates in Bloomington
Bloomington is located in the Ameren utility service area. The utility company’s main responsibility is to control the power lines and safely deliver electricity to its customers. The delivery charge on the electric bill represents the regulated section. A customer will not be able to change to another utility company for the delivery charges.
Contact Ameren for Power Outages
If you recently changed electric suppliers and experience a power outage, then you will still need to contact Ameren. The utility company is responsible for fixing power issues in its respective service area.
- Ameren contact information: 1-800-755-5000
Choosing an Electric Supplier
If you plan on moving to Bloomington, then you need to take advantage of energy choice. Living in a deregulated electricity market gives the consumer options to choose from different energy plans. The energy plan right for you may not be the one right for your neighbor. Knowing what you want is the first step in selecting an electric supplier. Here are a few things to consider when shopping for a new plan.
What is The Price to Compare?
To know if you’re saving money by switching electric suppliers, then you will need to look at the default rate provided by Ameren. The utility company is required to provide generation services to Bloomington residents who have not switched energy providers. The default rate for generation services is also referred to as the price to compare. If an energy company is offering a lower supply rate than the price to compare, then you will be saving money by switching.
Is There an Early Cancellation Fee?
Most energy plans will come with an early cancellation fee if you change providers before the term expires. Cancellation fees can come as a flat fee or a dollar amount multiplied by how many months are left in the agreement. These fees can cost up to $300! The terms and conditions of the plan will list any early cancellation fees.
Fixed vs. Variable Rates?
The two most common rate plans are fixed and variable-rates. The electricity market can be volatile so deciding on which plan is right for you will depend on your risk tolerance. Fixed rates will protect the customer during a rising market. However, if the market drops you might be stuck paying a higher rate. Most fixed-rate plans come with an early cancellation fee if you cancel before the end of the term.
Variable rates will fluctuate on a month-to-month basis. If you believe prices might drop, then it may not be a bad idea to go with a variable rate. However, most variable rate plans can change at the sole discretion of the energy supplier. It’s not uncommon for these plans to increase during the term of the agreement. The good news is that most variable rates do not have an early cancellation fee allowing the customer to change energy suppliers anytime without being penalized.
Conventional vs. Green Energy Plans
More electric suppliers are offering customers 100% renewable energy plans. Renewable energy comes from resources such as solar, wind, and hydropower. These resources are considered by many to be a cleaner form of energy than conventional resources such as coal and fossil fuels. However, expect to pay a high premium if you select a green energy plan. The most cost-effective plans are conventional plans due to the low costs of generating power through coal, fossil fuels, and natural gas.
What Happens at The End of my Plan?
Do not expect to be automatically transferred back to Ameren for your basic generation services once your old plan expires. Most energy suppliers will place the customer on a month-to-month variable plan once the initial term expires. Once this happens don’t be surprised to have the electric bill double or even triple on you in a single billing period. We recommend shopping for a new energy plan a month before the old plan expires.