PECO Energy customers who have remained on the sidelines in regards to shopping for competitive electricity rates might feel that they have made the smart choice as PECO Energy has announced two rate cuts. The PECO Price to Compare, which is the electricity rate customers pay who have not entered into an electricity price agreement with a competitive supplier, will drop on June 1, 2017 and again on September 1, 2017. However, even with the two price drops, PECO residential electricity customers can still obtain an even lower electricity rate through a competitive electricity supplier if they shop carefully.
Previously set at $0.0758 per KWh from March through the end of May, PECO Energy dropped their residential Price to Compare to $0.07107 at the beginning of June. On September 1, 2017 the rate will again drop slightly to $0.7050 and will remain there through the end of November. Currently competitive Pennsylvania electricity suppliers are offering fixed prices as low as $0.0619 that will last past November, giving customers who have not participated in Pennsylvania electricity choice a high incentive to start shopping.
Data released in May 2017 by the Pennsylvania Public Utilities Commission reveals that only 36% of the residential customers who PECO Energy services had elected to buy their electricity generation supply from a competitive supplier. Meanwhile the 64% or roughly 1,042,574 PECO residential customers paying the default price are spending more on their monthly PECO electric bills than what is being offered by the competitive market. Despite having an active competitive electricity market since 2010, many consumers continue to be confused about the benefits of Pennsylvania electricity choice in the PECO service area. Confusion is centered around the process of switching suppliers and the quality of power that would eventually be obtained once the switch goes through. Both concerns should not exist as the switch process happens through computers – no repair persons have to enter the home – and the quality of the power is the same no matter which company is providing power to a given home.
PECO customers who were excited to read about the recent price drops that PECO has announced should be even more excited to learn of the lowest PECO electricity rates currently being offered by competitive suppliers. Switching off of the PECO Price to Compare rate and onto a lower competitive price simply results in cheaper monthly electric bills without and side affects to power quality or extra work needed on the consumers part. Another concern that the million plus non shopping PECO consumers might have is dealing with a new electric bill payment platform. Again this concern is unwarranted as PECO Energy continues to send the monthly electric bill to all of their customers regardless of which supplier they choose. The reason for this is that PECO Energy remains a regulated power delivery company by the state of Pennsylvania; even though consumers can choose a different supplier for their electricity, the company who delivers that electricity through the lines and wires is still regulated.
Below are competitive electricity rates available to residential customers living in the PECO service area. All offers are provided by companies who have been granted electricity supplier licenses.