The passing of the Electric Service Customer Choice and Rate Relief Law in 1997 was the turning point on striving for lower Illinois power rates. This law was the center stage for the deregulation of electric utilities. Before the law on deregulation was passed, a big part of the Illinois populace were paying some of the highest electricity rates in the country.
The good news is that when the freeze cap came off, a number of new electricity companies have flooded into the Illinois energy market – thus creating competition and lower Illinois power prices. As there is variety of Illinois energy companies, we recommend selecting one that offers a fixed rate. The fixed rates will shield you and your wallet from any potential increases in the market electricity rate prices.
Last and not the least you should be on the lookout whether there are any other added benefits before signing a contract. Some companies offer award-winning customer service, reliable electricity options as well as giving you the opportunity to give back to local charities or universities. We are here to help you make an informed and educated decision on your Illinois power provider.
Illinois Power Deregulation
The Illinois electric deregulation law has afforded customers with lots of choices as well as competitively price rates. The law provided room for competition whereby in order to lure customers, the companies had to lower and cap rates with immediate effect for household customers. With continued Illinois electric choice, as of January 2, 2007, many of the impediments to competition were able to be done away with and we have now seen a larger number of electric companies enter the market. Currently, Illinois is characterized by one of the most robust retail energy markets in the U.S and more especially when it concerns commercial and industrial customers. Moreover, pushing forward with Illinois electric deregulation, the Illinois General Assembly has of late in partnership with Illinois Commerce Commission provided for an office within the commission to see fostering of retail electric competition. This is done for the benefit of all customers, including residential and small commercial customers.
A lot has been able to be tapped as a result of the Illinois electric deregulation. To begin with, there is the opportunity of doing strategic management, and possibly reducing your business’ electricity budget. In a nutshell, the new market has provided you with more options.
In addition, instead of having electricity being supplied by only ComEd or Ameren, you are free to choose from a number of retail electricity providers for your business. Having a retail electricity provider, your business has the opportunity to choose from a variety of different purchasing strategies. The purchasing strategies may include fixed or index priced products or portfolio products which offer a mix of fixed and index priced strategies, multi-year contracts, and more so, more competitive rates. It does not matter who you select as your electricity provider, it will still remain the responsibility of ComEd or Ameren to deliver infrastructure-related services. One of the best methods to get competitive business electric quotes is by using Choose Energy. They market your business to the top electric companies in the state and have them compete for your business. So get a quote today and start saving money!