Grayslake residents and small businesses can expect to see lower electricity rates starting next year thanks to a new power agreement approved by the Grayslake Village Board.
By working together on the bid process to seek a third-party electrical supplier, the communities of Grayslake, Lincolnwood and Oak Brook have locked in a 2-year fixed rate of 5.52 cents per kilowatt for residential service and 5.45 cents per kilowatt for commercial service from Integrys Energy Services, Inc.
These new rates, expected to go into effect Jan. 2012, represent a 30 percent reduction from prevailing ComEd rates for approximately 7,084 Grayslake residents.
About 661 small businesses that fall under a certain usage are expected to see a 32 percent rate reduction.
Total savings for Grayslake residents and small businesses are projected to exceed $2 million during the 2-year term.
“It’s a great opportunity for residents to save a substantial amount of money on their utility bills,” said Derek Soderholm, assistant to the Grayslake village manager.
Authority for the village’s electrical aggregation program was approved via an April 5, 2011 referendum that passed by a margin of 80 percent.
Integrys Energy Services, Inc. was selected from a pool of five bids. Grayslake, Lincolnwood and Oak Brook jointly solicited bids on behalf of 16,000 residents and small business that use approximately 310 million kilowatts of electricity annually.
The bid process was conducted without assistance from an energy broker or consultant, which saved the communities about $150,000.
Integrys will supply the electricity, though ComEd will remain the delivering entity. Soderholm said all residents will be switched to this supplier, unless they choose to opt-out. More information about the program is expected to be mailed to residents by the new supplier.