How to Save Money on my Electric Bill

In tough times like this we all want to save money anywhere we can. There are many ways to save money on our electric bill, such as by turning off the lights when we are not in a particular room or by keeping the doors and windows shut when the air conditioning is on and so on. However the most effective way to save money for you home or business is to look for alternative carriers in your area. But, how do you do that?

Before we get into that, we need to discuss what is called de-regulation. De-regulation is the removal of government controls from any industry or sector, to allow for a free and efficient marketplace. What does that mean? For saving money on your electric bill, it means shopping against the main electric provider in your state. 

There are around 15 de-regulated states in our country, if your lucky enough to live in one of these states, you can get a better rate on your electricity and save money on your electric bill. These savings can be anywhere from 15% to 30% depending on how much you use and the local carriers rates.

Because of the terrible recession that we are all enduring, electric rates in many states for the last 2 or 3 years have been lowered. When businesses close, rates drop because of a decrease in demand. However, the economy we is getting healthier and prices will begin to rise. In Illinois for example we are seeing 178 new businesses coming into our area every month. This  coupled with very low rates in Illinois for the past few years are making prices jump through the roof.

Also, if you live in Illinois, you should be aware that ComEd is tring to get a 2.2% rate increase annually plus they want to be able to pass through these charges to business and homeowners with having to get approval. Can anything be done?

Yes, seek out an energy consultant. An Energy Consultant is a consultant who is an expert within the electric markets and is appointed with all the carriers in your area.
This will allow he or she to shop the whole market for you to find the best prices in your area and to advise you on whether you should lock in rates or not.

If you should lock in they'll tell you for what period of time you should keep the rates lock for based on whats going on in the ever changing world that is energy rates. If rates are very high they'll advise you to go with a index rate that will protect you from falling prices.