As of July 1, electric rates have been adjusted in Connecticut and Ohio. These changes mark a crucial opportunity for residents to explore their options in the competitive retail energy market.
Understanding the Competitive Retail Energy Market
In these states, residents aren’t tied to their default utility provider for the supply portion of their bill. The competitive market allows customers to compare different products and choose an alternative retailer that best suits their needs. This freedom to shop around can lead to numerous benefits.
Why Consider Switching Your Energy Provider?
Cost Savings: One of the primary reasons residents explore the retail energy market is the potential for cost savings. By comparing rates from various providers, you may find lower prices than those offered by your default utility, leading to significant savings on your monthly bills.
Predictable Billing: Some providers offer fixed-rate plans, which can be especially beneficial for those who prefer budgeting peace of mind. With these plans, your monthly bill remains consistent, protecting you from unexpected rate hikes and making financial planning easier.
Renewable Energy Options: For environmentally conscious consumers, the ability to choose 100% renewable energy plans is a significant draw. These plans allow you to support green energy initiatives and reduce your carbon footprint, contributing to a more sustainable future.
Value-Added Products: In addition to cost savings and sustainability, many alternative energy providers offer unique perks. For instance, some might include free nighttime charging for electric vehicles, rewards programs, or other value-added products that can enhance your overall experience.
Rate Changes by State
Connecticut
Utility Supplier
Previous Rate Term
Previous Supply Rate
New Rate Term
New Supply Rate
Eversource – CL&P
01/01/24 – 06/30/24
14.71 ¢/kWh
07/01/24-12/31/24
8.99 ¢/kWh
United Illuminating
01/01/24 – 06/30/24
17.06 ¢/kWh
07/01/24-12/31/24
11.91 ¢/kWh
Ohio
Utility Supplier
Previous Rate Term
Previous Supply Rate
New Rate Term
New Supply Rate
AEP Columbus Southern
06/01/24 – 06/30/24
7.68 ¢/kWh
07/01/24 – 09/30/24
7.70 ¢/kWh
AEP Ohio Power
06/01/24 – 06/30/24
7.68 ¢/kWh
07/01/24 – 09/30/24
7.70 ¢/kWh
Cleveland Electric
06/01/24 – 06/30/24
9.45 ¢/kWh
07/01/24 – 08/31/24
9.95 ¢/kWh
Duke Energy Ohio
06/01/24 – 06/30/24
8.01 ¢/kWh
07/01/24 – 07/31/24
8.01 ¢/kWh
Ohio Edison
06/01/24 – 06/30/24
9.29 ¢/kWh
07/01/24 – 08/31/24
9.46 ¢/kWh
Toledo Edison
06/01/24 – 06/30/24
9.42 ¢/kWh
07/01/24 – 08/31/24
9.65 ¢/kWh
Consumers can utilize the following tools to mitigate the impact of utility rate changes:
Monthly Product Summary: This comprehensive overview offers consumers current supply rates from utilities and comparisons with all available retail supply offers. The summary also outlines additional products bundled with retail energy plans, offering potential additional savings. Access the product summary here.
Shopping Guide: Tailored by state, these guides offer insights into energy plans, pricing structures, and opportunities for savings. These resources aim to simplify the complexities of the retail energy market, empowering customers with the knowledge they need to navigate it confidently. Access the shopping guides here.
State Profiles:Our state profiles contain a comprehensive overview of the current energy landscape within a specific state. Key components include information about renewable energy requirements, consumer protections, and how to shop. They provide a clear picture for policymakers, stakeholders, and consumers, helping them make informed decisions about energy use. Access the state profiles here.
With the adjustment in electric rates, now is an ideal time to reassess your energy provider. Whether your goal is to save money, achieve more predictable billing, support renewable energy, or enjoy additional perks, the competitive retail energy market offers a range of options tailored to your needs. Take advantage of the new rates and explore your alternatives today to find the best fit for your energy consumption and lifestyle.
The Retail Energy Advancement League (REAL) is a national advocacy organization dedicated to the expansion and modernization of American retail energy markets. In many states, utility monopolies still control the electric market and customers can’t choose where they buy their electricity and gas.
