OVER $70 MILLION OVER TWO YEARS - That's the projected combined savings electric customers statewide who participated in the municipal electric aggregation will reap over a two-year span.
Homefield Energy was the low bidder in a competitive bid with five of the country’s leading alternative retail electric suppliers Tuesday. Homefield Energy will supply electricity at a contract rate of $0.0408 per kilowatt hour (kWh) – 4.08 cents – during the span of the two-year contract. The high bid was $0.0493 – 4.93 cents.
Compared with current Basic Generation Service (BGS) Ameren rates (depending on zone) of $0.061303/kWh to $0.063507/kWh, the low bid means the average household will conservatively save an estimated $200 per year with many saving more. That's 33% to more than 35%. This is the power of buying in bulk!
The 50 municipalities and counties of the Good Energy Central and Southern Illinois Municipal Electric Opt-Out Buying Group represent the largest aggregation program of its kind in Illinois. This bigger buying group means vastly stronger buying power. There are over 215,000 households and small commercial retail electric accounts in the Ameren service territory are in the current buying group.
What’s more, 40 of the 50 communities in the purchasing group, chose to purchase 100 percent renewable electric production – all green. This may be the largest residential renewable purchase in the history of the United States!
What's next?
Homefield Energy, the new supplier, is now hard at work assembling electricity usage data. Once completed, residents and small commercial retail customers will receive a notice from Homefield detailing the program, simply and thoroughly, and how to Opt-Out if the account holder does not wish to take advantage of the offer. Letters will begin arriving in mailboxes within the next two weeks.
Once the supply switch to Homefield is completed, Ameren will send notices to all of those who have not opted-out confirming the the switch. This will be the second and final opportunity, in this case, to rescind the offer and be returned to Ameren's service and respective rates.
June will be the first month of service for most communities, but remember, your charges for that service will not be reflected until the following month's bill.
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