Campton Hills residents and businesses will see lower electric bills starting in September under a new, two-year agreement village leaders approved with a power supply company, officials announced Friday.
The village was one of dozens of municipalities that voters in March gave the authority to negotiate with power suppliers to save money.
ComEd will still provide electricity, repair outages and bill customers; the difference is it will be getting its power from a company called MC Squared (or mc2) at a rate that is up to 50 percent less than rates charged by ComEd now.
"We got a really good deal for the two year-term," Campton Hills Village President Patsy Smith said.
Smith said village trustees asked eight companies to submit their qualifications and trustees reviewed four finalists before selecting mc2.
For the next two years, mc2 will supply power to residents and small businesses at a rate of 4.397 cents per kilowatt hour. This is a rate that is 41 percent to 50 percent lower than the rates of 7.432 cents and 8.820 cents per kilowatt hour charges by ComEd in the summer and winter, respectively.
Included in the village's electricity program is a clause mandating that 50 percent of the energy provided by mc2 to ComEd comes from renewable energy sources, such as wind turbines and hydroelectric power.
Campton Hills residents also have the opportunity to purchase up to 100 percent renewable energy through a Green Power Program for an extra 0.375 cents per kilowatt hour. Smith said it's a win-win for residents who can get renewable energy for less than they are paying now.
"(Residents) will still be getting quite a substantial savings, even using 100 percent (renewable energy)," Smith said.
Eligible customers will receive letters in coming weeks about the program detail and may opt-out of the aggregation program if they choose. The new rates will take effect in August so residents will see the savings on their September bills.
Village officials couldn't specify how many kilowatt hours are used each year for the typical village home, but Sharon Hillman, Executive Vice President of mc2, said in a prepared statement that the average single-family home in the village will have more than $500 a year savings compared to current ComEd rates.