: Residents to Pay Lower Electricity Rates Through May 2013
Residents to Pay Lower Electricity Rates Through May 2013
Last March, Glencoe voters approved a referendum authorizing the Village to seek lower electricity rates through a process known as electrical aggregation. Since this time, the Village has worked as a member of the North Shore Electricity Aggregation Consortium to execute an agreement with MC Squared (mc2) Energy Services that has substantially lowered electricity costs for residents and small businesses.
In late June, participating customers began paying a rate of 4.836 cents per kilowatt hour (kWh) for electricity. When compared to CornEd's current rate of 8.32 cents/kWh, mc2 customers are now saving nearly 42% on the cost of electricity. From late June through November this year, participating residents and small businesses combined to save $698,390 on the cost of electricity.
Residents can also participate in mc2's Green Power Program. For a small additional charge, mc2 purchases renewable energy certificates (RECs) to cover 100% of supply requirements for program participants. The Green Power supply rate increases to just 4.936 cents/kWh. For an average Glencoe home, this equates to an additional $1-2 per month. Customers will continue to receive a single bill from ComEd, and the utility remains responsible for meter reading and restoring outages.