Have you ever looked at your ComEd bill
and thought, "What am I paying for electricity"?
Your ComEd bill is broken up
into three sections:
Supply, Delivery, and Taxes & Fees.
Today, we're focusing on supply.
ComEd may be your utility company,
meaning it's responsible for delivering electricity to your home.
But another company may supply you with
the actual electricity.
If you look at the front of your ComEd bill,
and scan down to the center,
you'll see a section called "Current Charges Summary,"
and under that, "Supply."
Who provides your energy?
Does your bill say, "ComEd provides your energy"?
In that case, the supply rate you pay is
determined by an electricity-buying
process
overseen by the Illinois Power Agency,
a state agency tasked with managing what
customers pay on the standard utility rate.
This rate changes every June and October,
and ComEd isn't allowed to mark up this cost,
so you're only paying for the cost
of electricity.
The ComEd rate is called the "Price to
Compare."
Does your bill say,
"[Such and such a company] provides your energy"?
In that case, an alternative supplier
IS allowed to mark up what you pay for supply.
So are you overpaying?
We know the cost of a gallon of gas
or a gallon of milk,
but what's the cost of a kilowatt-hour of electricity?
Just like with gas or milk the cost of electricity
depends on the market.
So if you have an alternative to ComEd,
or an alternative supplier,
you'll want to look at the back of your ComEd bill
Under "Charge Details, Supply,"
and scan to the right to see
the rate you're paying.
The first number is the amount of electricity
you used in the month.
The second number is the rate you paid
for that electricity.
This number is written in dollars,
and we want to change it to cents,
so move the dot to the right twice.
Now look a little further to the right,
Under ComEd's Price to Compare.
Is that number higher or lower than what
you're paying?
If the Price to Compare is higher than
what you're paying,
that's great!
Just make sure to keep an
eye on your bill each month
and pay attention to notices you get in
the mail from your supplier.
We've heard countless cases of people
who signed up with a supplier at a decent rate,
only to see their bells
skyrocket
after three months or a year.
If the Price to Compare is lower
that what you're paying,
You're going to want to cancel your supply plan.
Turn back to the front of
your bill
and look at that "Current Charges Summary, Supply" section again.
The phone number for your supplier
should be listed.
Call that number as soon as you can,
and say you want to cancel your plan.
You might be offered a better rate,
but be careful.
You've already been overcharged by this
company.
How do you know they won't
increase the rate again?
Write down the cancellation number
if they give you one.
Once you cancel, the supplier is required
to notify ComEd,
and you will automatically be switched
back
to ComEd as your supplier.
It might take a few billing cycles
for the cancellation to go through,
but you won't see any interruption in
your electricity service.
If you have any trouble canceling with
your supplier,
or for any concerns when it comes
to your utility bills,
Call the CUB Hotline at 1-800-669-5556,
Monday through Friday, 9 a.m to 4 p.m.
And for more information on ways to save,
visit citizensutilityboard.org
