ComEd is offering households in Northern Illinois a different way to manage summer electricity costs. Residents who can move part of their power use out of the afternoon may see lower bills, and electric vehicle owners could qualify for extra credits.
What's happening?
After a hot July that drove up air-conditioning demand and other household electricity use, ComEd introduced a residential Time-of-Day Pricing option. The program rewards customers for using more power during low-demand hours.
It changes both supply and delivery charges based on when electricity is consumed, ComEd said in the announcement. Overnight and other off-peak periods come with cheaper rates, while the Mid-Day Peak window from 1 to 7 p.m. costs more.
In practice, that could mean savings for households that move tasks such as charging devices, running the dishwasher, doing laundry, and charging an EV to cheaper parts of the day. EV owners who are on the delivery Time-of-Day rate and enroll their vehicles can also get a $2 monthly bill credit for each EV for up to 24 months.
With a limit of two vehicles per household, that credit can total up to $96 over two years.
Why does it matter?
Electricity bills can rise during periods of extreme weather.
TCD Picks » Good Store Spotlight
Get 10% off your next purchase with code TCD10
Households that can move some usage may lower both delivery and supply costs, and the program has no enrollment fee.
The EV incentive can be combined with the savings available from charging overnight, when rates are lower.
According to ComEd, it serves more than 4 million customers in Northern Illinois, a footprint that covers about 70% of the state's population.
What can I do?
Homes that can consistently avoid heavy afternoon energy use may benefit most from a time-based rate.
Simple changes could include cooling your home early in the day, running appliances at night, or charging an EV overnight.
"To help customers lower their monthly energy bills, Time-of-Day Pricing gives residential customers even more control on what they pay for electricity by selecting when they use it," ComEd President and CEO Gil Quiniones said.
Get TCD's free newsletters for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here.
