CUB held a press conference today to announce the findings: Energy efficiency has replaced electric competition as Illinois’ best bet for savings. CUB also revealed that by taking simple steps, like signing up for CUB Energy Saver, Illinois consumers can potentially save $153 million per year.
The Illinois electric market used to offer residents significant savings over the regulated utilities, but those savings have all but evaporated in the past few years. Part of the reason was a June 2014 increase in “capacity costs”–fees to ensure power plants produce enough electricity on high demand days–and the expiration of contracts in 2013 that had formerly locked ComEd into artificially high prices compared to the rest of the market.
“While there are still opportunities to save through electricity competition, shopping for an alternative supplier has become more a gamble in Illinois,” CUB Executive Director David Kolata said. “Efficiency programs like CUB Energy Saver are never a gamble. They are the best bet in today’s market.”
CUB Energy Saver is CUB’s free tool that builds a customized money-saving plan for your home and rewards you for cutting energy use. Residents can potentially save hundreds of dollars per year through the service.
Users sign up at www.CUBEnergySaver.com and link to their ComEd accounts. CUB Energy Saver then analyzes a home’s usage and builds a customized savings plan with simple, tailored energy savings tips. Actions, such as using energy-efficient light bulbs or unplugging unused appliances, allow users to earn points redeemable for rewards, like Amazon gift cards or discounts at local businesses.
To sign up:
1) Go to www.CUBEnergySaver.com. Hit the “Register Now” button. (The service is free.)
2) Follow the instructions to link to your ComEd account.
CUB Energy Saver has helped users cut electricity waste by an average of nearly 4 percent. Expand that to all 3.4 million ComEd residential customers and the tool has the potential to save $153 million a year across the state. The potential financial benefit jumps to $170 million when you consider CUB Energy Saver’s unique rewards program. When users cut energy use, they earn points redeemable for gift cards from popular retailers. If each ComEd customer received just one $5 gift card from CUB Energy Saver each year, that’s an extra $17 million in annual financial benefits.