Burbank contracted with Eligo in July 2014 to supply electricity to their residents at a rate of 6.92 cents per kWh, plus a $6.50 monthly service charge.
To compare, ComEd is charging 7.43 cents per kWh through May 2015.
Unless they chose to opt out, all Burbank residents were enrolled in the Eligo deals—which terminate in July 2017. Now that the opt-out period is over, customers will be charged a $50 early termination fee to leave the deal.
Whether or not Eligo’s deal is right for consumers depends on their energy usage, and that’s why CUB created CUBPowerCalculator.com. In a few simple steps, the online tool allows consumers to input an estimate of their usage through May of 2015 and calculate what they would pay for electricity with ComEd vs. Eligo in that time period. ComEd’s power price isn’t known past May of 2015, but CUB plans to update the calculator when the new June through September 2015 price is announced.
“While community power deals have been a key to electricity savings in recent years, the market has changed and new rates negotiated by communities may not be right for everyone,” CUB Executive Director David Kolata said. “Whether or not this deal is right for you depends on your electricity usage. CUB created this calculator to give residents the tools they need to make the right electricity choice for their households.”
Households that determine they will not save money in the Eligo deal can switch back to ComEd after paying the $50 termination fee. To switch, customers can call Eligo at 312-260-0885.
Source: CUB Press Release
RELATED: Shocking Rates or Electrifying Savings? The Burbank Beat Weighs In On Electrical Aggregation.