Illinois energy rates
The majority of states offer only one option for energy services: the local utility company. Those living in Illinois, though, have the power to choose. Thanks to deregulation, Illinois residents can select from their utility or from multiple retail suppliers and rate plans. There are several different types of Illinois electricity rates, which means that you can choose the option that works best for your home.
- Fixed-rate: If you have a fixed-rate plan, your energy supply rates will not change for the life of your plan. Term lengths vary by company, but plans of 12, 24, and 36 months are often available. You may find that the lowest rates are offered only for the longest term. Please note that although your supply rates won’t vary, transmission charges and government fees and taxes can change.
- Variable-rate: Those who need a short-term plan or are willing to roll the dice on energy prices may prefer a variable-rate structure. This means that your rates are linked to wholesale energy prices and may change month by month.
- No deposit: Those who don’t have great credit may need to pay a deposit for a traditional variable-rate or fixed-rate plan. However, some suppliers offer no deposit plans that typically work much like prepaid cell phones, though rates are generally higher for these plans.
- Green energy plans: If you want to reduce your carbon footprint, consider a green energy plan. Rates for some of these plans now match or only slightly exceed those of traditional plans.