Compare Elgin Electricity Rates

Elgin Electricity Rates

Contents

1 Elgin Electricity Rates
2 Elgin Utilities
3 Contact ComEd For Power Outages
4 Choosing an Electric Supplier
5 Finding the Right Rate Product
6 View by City
7 Clean Energy
8 Electricity Rates

Residential and commercial customers living in Elgin, IL can shop for a retail energy provider and save money on the electric bills. Elgin electricity rates fall under the Commonwealth Edison utility service area. The city is just one of many cities in Illinois that is located in a deregulated electricity market. Thanks to legislation passed in 1997, the Illinois utilities’ responsibilities became unbundled, opening the door to outside energy companies to provide generation services to Illinoisans. Deregulating the electricity market has helped push down energy prices. When suppliers compete, the consumers win.

The city of Elgin is located 40 miles northwest of Chicago and has a population of just over 110,000. The weather consists of mild summers and cold winters with snowfall averaging 30 inches per year.

Elgin Utilities

Elgin, IL is located in the Commonwealth Edison (ComEd) utility service area. The utility company is responsible for maintaining the power lines to safely deliver the electricity to its customers. ComEd is also required to provide generation services to Elgin residents that decide not to switch to another electric supplier. The generation services ComEd charges is known as the default rate or the price to compare and is overseen by Illinois Commerce Commission.

Contact ComEd For Power Outages

If you change energy providers and experience a power outage, then you will need to contact ComEd. ComEd is responsible for fixing power issues within its service area.

ComEd contact information: 1-800-334-7661

Choosing an Electric Supplier

Energy choice has opened up options for Elgin residents when it comes to choosing an energy supplier. Selecting the right energy plan is based on individual preferences. Most customers want to lock in the lowest rate while others choose to go green. You can expect to pay a high premium going with a 100% renewable energy plan. These plans generally aren’t as competitive as conventional plans that use coal or natural gas as the main source of power generation.

Finding the Right Rate Product

Two of the most common rate products are fixed and variable rates. The energy market can be volatile so choosing the right rate product depends on your risk tolerance. If the market is low, you may want to consider locking in a long-term fixed rate. However, if the market drops, you might be stuck paying a higher rate. Below are a few pros and cons of the more popular rate products.

Electric Rate Products	Pros	Cons
Fixed Rate	Remains fixed through duration of term Protects against market volatility Available to both commercial and residential customers	Might pay higher rate if energy market drops Comes with cancellation fee
Variable Rate	Most plans have no cancellation fees Available to both commercial and residential customers	Can easily double or triple in price Supplier can increase rate at their sole discretion
Index Rate	Historically lower than fixed rate plans Can be switched to a fixed rate plan without penalty Tied directly to the wholesale price of electricity	Exposure to market risk Only offered to large industrial size users
Renewable Energy Rates	A clean alternative solution Reliable source of power Available to both commercial and residential customers	You may pay a high premium More expensive than coal