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Hourly Pricing program sets record for savings in 2023

A voluntary ComEd program that charges participants an electricity rate that can change hourly set a record for savings in 2023, according to a report filed with the Illinois Commerce Commission (ICC).

The Hourly Pricing program saved participants a total of $12.4 million in 2023, which was more than the previous five years combined (2018-2022). “Participants set records across all measurable savings metrics in 2023,” the report said. “The high rate of savings underscores the value proposition of Hourly Pricing and can largely be attributed to stability in the energy market.”

Other statistics:

  • 99.3 percent of nearly 40,000 participants saved.
  • Participants averaged savings of $313 (44 percent).
  • Overall, the program has saved consumers $41.4 million.

The program, which was launched in 2007 after the Illinois General Assembly passed legislation requiring utilities to offer it, gives ComEd customers the option of choosing a different way to pay for electricity. It charges participants a supply rate that can change on an hourly basis, instead of the standard price that stays the same 24/7. The program also helps reduce demand for expensive and pollution-causing power plants, and it can help prevent power outages by reducing stress on the electricity system during “peak” times, when power usage and prices are at their highest.

“This is great news about the Hourly Pricing program,” said CUB Executive Director Sarah Moskowitz, who herself has saved hundreds of dollars over her time on the Hourly Pricing program. “It’s further proof that programs good for the planet are also good for our utility bills.”

Moskowitz encouraged people to read CUB’s fact sheet on Hourly Pricing and see if they are a good fit for the program. Illinois has been a trailblazer–it was first in the country to launch a statewide residential hourly pricing program. Ameren Illinois offers a similar program, called Power Smart Pricing, but this report deals with ComEd’s Hourly Pricing program only.

The charts below display the 2023 results for Hourly Pricing: