ComEd’s Hourly Pricing program has saved participants more than $19 million.
So how does Hourly Pricing work? Instead of being charged a fixed rate that only changes at the start of winter and summer, Hourly Pricing charges customers by the hour and according to the market rate. On average, the market rate is less than the utility’s fixed rate. In fact, Hourly Pricing customers have seen an average 15 percent reduction in the electricity supply portion of their monthly bills.
Hourly Pricing may be a good option for you if your monthly bill is over $50, if you heat your home with electricity, or if you own an electric vehicle.
Customers are alerted when rates may get high the next day, allowing them to plan their electricity usage accordingly. And on a regular basis, you can plan your energy usage by checking the “day-ahead” prices—a highly accurate estimate of the approaching day’s hourly prices—either by phone or via the Internet.
The bottom line is reducing usage during peak times (around 2 p.m. to 5 p.m.) increases your chances of saving. If you know you’ll need to use certain appliances–like a dishwasher or your A/C–during peak times, Hourly Pricing may not be your best bet.
In addition to being good for your wallet, Hourly Pricing benefits the environment, too. Cutting down on electricity use during specific times helps lower carbon emissions, a big factor in the rise of global warming. It also lessens the strain of electricity distribution systems.