ComEd Hourly Pricing: Does It Actually Save Money?

As Realtors we are always looking for ways to save our clients money and wanted to let you know about a program ComEd has called Hourly Pricing.  This optional pricing structure utilizes hourly pricing and is meant to save you money if your bill is generally over $50 a month and if you have the ability to shift your energy usage to non-peak times of the day.  I've been using it for awhile now and have found it really saves me money, mainly during the summer months when AC usage is high due to higher temperatures.

HOW TO SAVE MONEY: ComEd will keep an eye on prices and alert customers when energy prices are high. Alerts help customers decide when to run their major appliances, thus saving money.  For instance, in the summer I generally get alerts during the day when it's really hot outside as people are running their AC units more.  On those days, I turn my AC down a little bit more than usual and make sure to not do laundry, vacuum, etc. until the peak hours are over. I'm then rewarded with a credit on my bill for my energy savings.

DOES IT REALLY HELP?: Since the hourly program started in 2007, over 47 million kWh have been reduced and over $19 million has been saved. Not only does your pocket book benefit, but the environment benefits by reducing energy demand during peak times when the use of older, less efficient power plants are typically needed. It also helps reduce the release of emissions that contribute to global warming. Save the planet and your money!

ENERGY TRENDS:  Late afternoon and twilight during the summer have been the highest usage hours when I'm able to save the most money. This coincides with work schedules and air conditioning usage. When the temperature outside increases, the hourly prices increase, too.  During the cooler months, prices creep up in the morning and evening, and are generally lower than in the summer.   Pricing is dependent on the demand of electricity on that day and what has happened with power plants throughout the course of the day.

All in all, if you have the ability to adjust your electricity usage to non-peak times (much easier these days with smart thermostats), you will undoubtedly save money on your electric bill and help the environment at the same time. If this intrigues you, follow the links below for more details.