Shopping for electricity plans in Illinois?

Get the best electricity rates with Illinois electric companies verified by energy experts

Deregulated Energy Market and Utility Companies in Illinois

Illinois residents and businesses have the opportunity to select their preferred energy provider thanks to energy deregulation.

The default provider for electric service for all Illinois commercial and residential customers is the utility that serves their region. This could be Ameren Illinois, Commonwealth Edison (ComEd), MidAmerican Energy, or any other utility in the state. Customers will see a line item on their electricity bill for their supply charge (in $/kWh). These rates can vary based on seasonal tariff adjustments. But this doesn’t mean you’re bound to this rate! Residents across Chicago, Springfield, Peoria, Rockford, and other Illinois cities have the option to explore different electricity plans.

A deregulated electricity market gives consumers the power to decide their energy provider. This freedom allows them to compare electricity rates and select from a range of providers.

In this environment of energy choice, retail electric providers (REPs) buy electricity and resell it to consumers. They provide various plans and rates, while the transmission and distribution of power remain state-regulated and fall under the jurisdiction of the local utility.

Illinois Energy Providers

With over 40 energy suppliers in Illinois, there’s a plethora of energy plans, like fixed rate, prepaid, variable rate plans, and enticing offers like bill credits or “free electricity” durations. The myriad of choices can be daunting.

5 Digital Energy’s dedicated team has streamlined this process by meticulously evaluating energy companies, ensuring you get the most competitive rates and plans tailored to your needs.

Spend a Few Moments to compare rates and save on Your Electricity Bill

How Electricity Plans Work in Illinois

Every time you switch on a light, numerous factors play a role in that simple action. Moreover, the way electricity prices are set varies from Florida to Washington and all states in between.

Our pick for the best Energy Provider in Illinois

Surprise: we can’t single one out.

To be precise, there isn’t a one-size-fits-all solution. The optimal electricity plan for one may differ from their neighbor’s. Various factors influence a retail electric supply agreement. We’re here to provide insights and clarity, allowing you to make informed decisions about your energy. While self-navigation is possible, why not utilize expert assistance?

Engaging our award-winning energy advisors doesn’t add costs for you. We earn a commission from the selected service provider, which otherwise would go to their internal sales team. Our vast experience spanning 850 years has benefited numerous clients like you.

Illinois electricity plans

Partnering with an advisor like 5 Digital Energy is the ideal way to stay updated with electricity rates and select the best provider in line with your requirements. Given the intricate nature of electricity and natural gas markets, many business owners might struggle to keep up.

It’s crucial to understand that switching providers doesn’t compromise the reliability or safety of your electric service. The transmission and distribution of electricity remain under the Illinois Commerce Commission’s oversight.

5 Digital Energy assists in several aspects when considering a switch:

Take advantage of market opportunities

The electricity and natural gas markets experience more volatility than any other commodity. Energy rates change every day, sometimes more than once per day. The market fluctuates based on supply and demand and is influenced heavily by weather and government regulations.

5 Digital Energy has a team of experts with over 850 years of combined energy experience. We help our clients navigate these power markets and empower people like you to make informed energy decisions.

Understand different types of energy plans

Illinois electricity rates that you see online are measured in cents per kilowatt-hour (kWh). You can find your current kWh by looking at the supply portion of your energy bill. Knowing your electric usage can help narrow down the appropriate rates for your home or business. There are several types of electricity plans that customers can choose from, including:

  1. Fixed-rate plans: These plans offer a fixed price per unit of electricity for the entire duration of the contract. The customer’s rate is not affected by changes in the market price of electricity.
  2. Variable-rate plans: These plans offer a fluctuating price per unit of electricity that is based on the current market price. The customer’s rate can change from month to month, and is affected by changes in the market price of electricity.
  3. Time-of-use plans: These plans offer different prices for electricity at different times of the day, based on the time of use like “free nights”. The customer’s rate is higher during peak demand periods and lower during off-peak periods.
  4. Green energy plans: These plans provide electricity that is generated from renewable sources such as solar or wind power.
  5. Flat-rate plans: These plans have a fixed rate per month regardless of the amount of energy consumed.

When searching online for electricity rates, different websites can show a mix of these different plans without clearly defining the differences between contract terms.

Lowest electric rate does not always equal lowest electric bill.

There are many components of electric rate. The reason you see so many different rates online is because the retail electric providers can choose how to differently represent those rates. For example, if you see an offer that is much lower than it’s competitors, that may mean that the supplier has elected to pass a certain component through to the final invoice instead of lumping it into the rate.

Review early termination fees

An early termination fee (ETF) is a fee that is charged to customers who terminate their retail electricity agreement before the end of the contract term.

For most commercial contracts, the early termination fee is based on the amount of months remaining in the term of the agreement. When you sign an agreement with a new energy company, they estimate your monthly energy usage to determine how much electricity to purchase from the wholesale market. If you cancel your agreement early, the energy provider will be able to calculate the amount of damages they incurred due to the lost revenue and assess the customer that fee.

Alternatively, some energy providers may charge a fixed dollar amount for each month remaining in the contract. For example, if the ETF is $50 per month and the contract has 12 months remaining, the ETF would be $600.

It is important for small business owners to review the ETF calculation in the retail electricity agreement before signing the contract, to ensure that they understand the terms and the potential financial impact of early termination.

How to Choose Illinois Electricity Rates

Opting for an electric provider with 5 Digital Energy is straightforward. In three simple steps, you can lock in the best electricity rate in the Prairie State.

Step 1: Compare Illinois Energy Companies

Detail your energy consumption patterns and zip code. Based on your input, we’ll align you with the most compatible and verified energy providers.

Step 2: Make your choice

5 Digital Energy has assessed the most trustworthy energy providers in Illinois to shield you from concealed charges or erratic rates. Your experience will be transparent and straightforward.

Step 3: We handle the rest

Upon picking your desired energy rate, we’ll handle all administrative tasks and set up your new plan. We’ll keep you updated throughout and notify you once your service is completely activated.

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