The Illuminating Company Electricity Rates

If you're a customer of The Illuminating Company, part of the FirstEnergy family, you might be paying more for your electricity than necessary. Here’s the good news: Ohio’s deregulated energy market puts the power in your hands to pick an electricity supplier that offers better rates or more tailored plans. Even though The Illuminating Company handles your electricity delivery, you have the flexibility to choose where your electricity comes from. Let’s explore how deregulation works and what steps you can take to get the best deal for your home or business.

How Does Electricity Deregulation Work in Ohio?

In Ohio’s deregulated market, The Illuminating Company no longer supplies your electricity. Instead, they focus on delivering it to your home or business and maintaining the power lines. You, however, have the freedom to shop around for the actual electricity supply. Think of it like choosing a different phone plan—same service, but with a different price tag. By finding the right supplier, you could lower your costs without any disruption in service.

This means you can continue to rely on The Illuminating Company to handle power outages and infrastructure maintenance, but you’re not stuck paying their default Price to Compare (PTC) if you find a better deal elsewhere.

What is the Price to Compare (PTC)?

The Price to Compare is essentially the default rate The Illuminating Company charges if you haven’t chosen an alternate supplier. While this rate is updated periodically, it’s often higher than what you can get by shopping around. Think of the PTC as your baseline—your goal is to beat it by finding a supplier offering a lower rate per kilowatt-hour (kWh). If you don’t shop for a new plan, you’re automatically charged the PTC, which means you could be overpaying.

For example, let’s say The Illuminating Company’s PTC is 10.00 cents per kWh. If a different supplier is offering a rate of 7.75 cents per kWh, you’re leaving money on the table by not switching. Over the course of a year, those savings add up.

How to Shop for a New Electricity Plan

Ready to lower your electricity costs? Here’s a simple guide to getting started:

1. Check Your Current Rate

Before you start shopping, check your latest bill from The Illuminating Company and locate the Price to Compare. This number will give you a reference point when comparing other suppliers’ rates.

2. Compare Suppliers

Head over to a comparison tool like EnergyBot to see all available plans in The Illuminating Company’s service area. It’s as simple as entering your zip code and reviewing the options.

Here’s what to look for when comparing:

• Fixed or Variable Rates: A fixed rate means your price stays the same throughout the contract, providing predictability. A variable rate can change month-to-month based on market prices. If you like stability, go fixed; if you're willing to gamble for potential savings, consider variable.
• Contract Terms: You’ll find plans ranging from short-term (month-to-month) to long-term (12, 24, or even 36 months). Longer terms typically offer lower rates, but make sure you’re comfortable committing to the duration.
• Other Fees: Some plans come with early termination fees or other hidden charges, so review the terms carefully before signing up.

3. Make the Switch

Once you find a plan that fits your needs, switching suppliers is easy. You can sign up online in just a few minutes. Your new supplier will notify The Illuminating Company, and the transition will happen seamlessly. You won’t experience any interruptions in service, and The Illuminating Company will still handle the delivery of your electricity and any outages.

Example of Potential Savings:

• Current PTC with The Illuminating Company: 10.00 cents per kWh
• New Supplier Rate: 7.75 cents per kWh
• Monthly Usage: 1,200 kWh

Monthly Savings: (10.00 - 7.75) x 1,200 = $27/month, or about $324/year!

Stay on Top of Your Contract

If you switch to a new supplier with a fixed-rate plan, it’s essential to keep an eye on the contract’s expiration date. Once the term ends, some suppliers may move you to a higher variable rate automatically, which could result in higher bills. Be proactive—start shopping for a new plan a couple of months before your contract ends to ensure you continue getting the best deal.

What Happens If You Don’t Switch?

If you don’t shop around, you’ll stay on The Illuminating Company’s Price to Compare, which could fluctuate based on market conditions. While sticking with the PTC might feel convenient, it’s rarely the cheapest option. Over time, energy prices tend to rise, and you could find yourself paying more than necessary. Locking in a lower fixed rate with another supplier can protect you from price hikes and keep your costs predictable.

What Stays the Same?

Switching suppliers won’t change how your electricity is delivered. The Illuminating Company will still maintain the power lines, handle outages, and manage the flow of electricity to your home or business. The only thing that changes is who supplies the electricity—and hopefully, how much you’re paying for it!

Is Now a Good Time to Switch?

Energy prices are always shifting, which means there’s never a bad time to shop around. By comparing rates now, you can lock in a better deal and start saving immediately. Whether you want a short-term plan for flexibility or a long-term contract to secure a lower rate, Ohio’s deregulated market gives you the freedom to choose.

Ready to Save?

Why wait? You could be paying less for electricity as soon as your next bill. Start by comparing The Illuminating Company electricity rates with EnergyBot today. With just a few clicks, you could find a better plan and start pocketing the savings!