Oswego, Montgomery to save on electricity : Editorials : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, Illinois
Oswego, Montgomery to save on electricity
Beginning later this summer, Oswego and Montgomery residents will begin saving about $20 each month on their electric bills.
The savings is a result of voters in the two villages' approving electric aggregation referendums last March. The referendums empowered the two villages to seek competitive bids from electric power suppliers on behalf of local residents.
Currently residents of both communities who have not already contracted with another supplier themselves pay ComEd 7.73 cents per kilowatt-hour of power they use. But as a result of the bidding process beginning in July, Oswego residents will receive their electric power at a rate of 4.75 cents per kilowatt-hours. In August Montgomery residents will receive their electric power at a rate of 4.82 cents per kilowatt-hour.
The rates will be in effect in both villages for the next two years.
The lower rates will be reflected on the monthly bills residents in the two villages receive from ComEd. The bills will list the lower kilowatt per hour charge residents will be paying and will identify a firm named First Energy as the power supplier.
Residents who do not wish to receive their electric power at the lower rate and want to continue to purchase it at ComEd's higher rate will still be able to do so. The two villages will be sending letters to all of their residents explaining the pending decrease in the electric power portion of their ComEd bills along with an invitation to opt out of the lower rate. Residents who wish to participate in the aggregation program and save money on their electric bills will not be required to do anything except watch for the savings on the electric power portion of their bills beginning this summer.
In the meantime, residents will likely continue to be contacted by phone and mail by other electric power supply companies seeking to sign them up for their power.
In considering those solicitations, Oswego residents should remember that by doing nothing now, their cost for electric power per kilowatt hour will drop from the 7.73 cents per kilowatt hour they are now paying ComEd to 4.75 cents per kilowatt hour from First Energy. Montgomery residents should remember their cost per kilowatt-hour will be 4.82 cents.
If any of the other companies seeking local residents' business can offer electric power at rates lower than what the villages have obtained through the bidding process, residents may want to consider those companies' offers. But residents should remember the whole concept of electric aggregation is to seek bids for the largest number of electric customers as possible to secure the lowest possible prices. We would be very surprised if there are any companies out there that can offer electric power to individual local residents at rates lower than what Oswego and Montgomery have already obtained for their residents through the bidding process.