Thrifty Pennsylvanians should start shopping around for a different electricity supplier – if you stay with PECO, expect to see your electricity bills increase beginning Oct. 1.
Rates are adjusted each quarter to reflect market prices and officials anticipate another rate hike coming this fall.
“The average residential customer would experience a 3.5 percent increase,” PECO spokesman Ben Armstrong said, adding that the average small business customer will see an increase of 4.8 percent.
The Philadelphia utility, rather than blaming the increase on rising energy costs, says it undercharged customers earlier this year and needs to adjust rates upward to recover a $10 million under-collection.
Customers who don’t switch electricity providers will still be provided with service by PECO and charged its default rate, currently set at 10.42 cents per kilowatt hour. With the increase coming this fall, expect that rate to go up to 11.05 cents per kilowatt hour.
Who doesn’t like saving some money? If you don’t want to get stuck with high default electricity rates, now is the time to start looking around. When it comes to buying business electricity, Live Energy can help you find the best rate with no hidden surprises. We take the headache out of comparing offers and electricity providers so you can take care of business. For more information, contact a certified energy advisor from Live Energy at (877) 810-7770 today.