PTC Rate Hikes in PA’s Winter Forecast
Effective December 1, 2024 PECO and FirstEnergy utilities are raising their PTC rates. And while these rate hikes may seem minimal at first, winter weather is on the horizon. And with the colder weather comes higher electricity bills. But don’t worry, we’re here to break down these rate changes so you can see how they affect you pocket book. In addition, we’ll tell you how to find the best energy supplier for your needs.
FirstEnergy Rate Hikes
FirstEnergy Pennsylvania is increasing its default service rates across the board by 6-8%. The average Pennsylvania consumer uses 851 kWh per month in their home. Remember that winter usage also tends to be higher than average. Consequently, these increases could be even more painful for your budget. Let’s break these changes down for FirstEnergy service areas.
- Met-Ed is increasing their rates by 6%, from $0.10404 per kWh to $0.11011 per kWh. As a result, the supply portion of Met-Ed customer bills is going to increase on average from $88.54 to $93.70.
- Penn Power customers are facing a 7% increase to their rates, going from $0.09744 per kWh to $0.10474 per kWh. As a result, Penn Power customer bills will have an average increase from $82.92 to $89.13
- West Penn Power customers will see a 7% increase, from $0.08787 per kWh to $0.09481 per kWh. Consequently this will result in an increase from $74.78 to $80.68.
- Penelec customers, your costs are increasing by 8%, from $0.10389 per kWh to $0.11168 per kWh; as a result the average bill will decrease from $88.41 to $95.04.
PECO Rates Rising Slightly
Meanwhile, PECO has filed to raise their Generation Service Charge (GSA) charges. The full PTC price is GSA rate plus the FERC approved transmission price. Of these, the GSA the largest part. So while we don’t know the final PTC rate from PECO, we can assume it will be higher than the current rate.
PECO is only marginally increasing their GSA charge, from $0.08380 per kWh to $0.08415 per kWh. But some households will feel it bite never the less.
Electric Utility Rate Hikes Are Trending
Despite Pennsyvania consumers switching to more energy efficient heating methods, like electric heat pumps, electric bills have continued to rise. For Pennsylvanians specifically, rates have rose by 25% since 2015! And without a sharp increase in average electrical useage.
So what’s a person supposed to do? The best thing you can do to save on your electric bill is to shop for a lower rate.
Weather High Winter Electricity Rates
Don’t let high PTC rates leave you out in the cold! Right now, some of the best plans plans come with no cancellation fees, which is really convenient if life throws you a curve and you need to change. You can view ratings for companies and compare plans from different energy providers in Pennsylvania all on one convenient website. The best way to save money is to shop for electricity plans on https://www.paenergyratings.com/.