Hanover Park officials said the village's Municipal Electric Aggregation Program has been fully implemented at a rate of 4.53 cents per kilowatt hour, or 46 percent less than ComEd's rate of 8.36 cents.
The average single-family household is expected to save $333 in the upcoming year. Villagewide, savings are expected to be nearly $2.8 million, officials say.
Officials said 98 percent of eligible residents and small commercial electric accounts are participating. The first savings were reflected on electric bills sent out earlier this month. In March, residents approved a referendum to allow the village to negotiate energy supply costs on their behalf through an alternate retail electric provider.