FirstEnergy customers in Northeast Ohio are in for a big surprise starting June 1. Electricity prices are expected to double for those using Ohio Edison, Toledo Edison and The Illuminating Company as their electricity supplier. A base cost of just over 5 cents per kilowatt-hour is expected to surge to 10.2 cents per kilowatt-hour by early June due to the increased cost of purchasing power in recent auctions.
However, customers do have options to save money on their electricity bills.
Enroll in the Lower Rate by NOPEC
The Northeast Ohio Public Energy Council (NOPEC) has assured its customers of a lower rate for six months from June to November. Customers of NOPEC will be automatically enrolled at a rate of 6.5 cents per kilowatt-hour, which is significantly less than the 10.2 cents per kilowatt-hour that FirstEnergy customers will have to pay. NOPEC customers have the option to opt-out if they prefer.
Shop for a Different Generation Supplier
FirstEnergy recommends that customers shop for a different generation supplier to avoid the significant rate increase. Many third-party generation suppliers offer various energy pricing options and plans to customers who choose to shop. Before a customer contracts with an alternate electric generation provider, it’s essential to review the following:
- Energy price
- Plan structure (fixed or variable rate)
- Contract terms and conditions
- Any taxes, charges, or fees that may apply
Steer Clear of Monthly Fees and Early Termination Fees
It’s wise to look for suppliers that have no monthly fees and early termination fees. Although customers may pay a bit more for long-term contracts, they can set it and forget it and avoid worrying about the significant spike in SSO rates.
Thus, FirstEnergy customers in Northeast Ohio can take proactive measures to save money on their electricity bills. By enrolling in the lower rate by NOPEC or contracting with an alternate electric generation provider, they can avoid the significant rate increase of 10.2 cents per kilowatt-hour expected to take effect in early June.