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Real-Time Pricing Frequently Asked Questions
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What is the ComEd Residential Real-Time Pricing Program?
It’s a new program that uses ComEd’s Rate BES-H and Rider RRTP to determine your monthly electricity bills. BES-H stands for Basic Electric Service – Hourly Energy Pricing. With it, the price you pay varies from hour to hour based on wholesale market prices. Back to top |
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How much can I save?
Although we can’t guarantee that you’ll save money, about 95 percent of last year’s active participants saved in 2007! Your savings will vary month to month, based on weather and your usage habits. Generally, the more you avoid using electricity when prices are high, the more you can save with real-time pricing. In fact, the majority of customers who participated in the ComEd RRTP program for all 12 months in 2007 experienced annual savings between 7 to 12 percent compared with what they would have paid under ComEd’s basic fixed-rate service. Similar savings are possible - but not guaranteed - for future participation in the ComEd RRTP program. Back to top |
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How will I know when prices will be high?
You will be automatically notified after 5 p.m. CT when predicted hourly prices are estimated to reach or exceed 13 cents per kWh for any number of hours during the following day. You can choose to receive an e-mail or text message, or an automated voicemail message for this notification. Additionally, during the day, we will notify you when real-time day-of prices are expected to reach or exceed 13 cents per kWh. Alternatively, you can select a different real-time day-of price threshold (currently 10 cents or 14 cents per kWh) for us to alert you. You can select to receive these real-time day-of alerts as an email or text message. Predicted prices (after 5 p.m. CT) and real-time day-of hourly prices are always available at www.theWattSpot.com or by calling 1-866-WATTSPOT. Back to top |
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Is it true I'll need a new meter to be in the program?
Enrollment in this innovative program requires the installation of an electric meter capable of measuring and recording electric usage in hourly intervals. There is a monthly meter lease fee for this hourly recording meter, which is in addition to your current monthly standard meter charge. However, the first 110,000 customers who sign up for the RRTP program will pay a reduced monthly meter lease fee of $2.25 for the hourly recording meter and will not pay a fee for exchanging the meter. This reduced monthly meter lease fee and the exemption of the meter exchange fee only apply to the first meter. If a customer has more than one meter participating in the program, this customer is subject to a regular monthly meter lease fee and a meter exchange fee for each additional hourly recording meter. Back to top |
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What factors affect electricity prices that I can keep an eye on?
Watch temperature forecasts during hot summer months. During heat waves, electricity pricing is especially sensitive to rising temperatures, because that’s when air conditioning – and therefore, electricity – is in the highest demand. And high demand and other factors cause prices to go up. Back to top |
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How can I take advantage of the difference between real-time pricing and regular pricing?
Historically, the hourly real-time price has been lower, most of the time, than the basic fixed rate you’re paying now. So, if you shift the use of energy-hungry appliances like air conditioners, laundry machines and dishwashers to those low-priced hours - like evenings, nights and mornings - it could make a difference in your electricity costs. In 2007, 96 percent of all hours were below 10 cents per kWh and 75 percent were below 6 cents per kWh. Back to top |
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How can I tell if real-time pricing is good for me?
Is your energy bill more than $40 a month? Do you work during weekdays (if you’re a couple that goes for both of you)? Can you shift the use of your large appliances to cheaper times of the day or night? Can you use those appliances more efficiently? Do you heat your home with natural gas? Is your meter easy to reach? Are you planning to live where you are for at least the next 12 months? If yes, then this program may be right for you. If you answered no to any of these questions, or if you have a medical condition, then real-time pricing probably isn’t right for you. Back to top |
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Are there any environmental benefits from being in the Real-Time Pricing Program?
Yes. When you choose the Real-Time Pricing program, you’re making an environmentally responsible decision. High hourly prices are tied to high market demand. By controlling and shifting your use of electricity, you’ll help reduce electricity demand when it counts most, so less electricity has to be generated. And that helps reduce the release of emissions that contribute to global warming. Back to top |
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Will enrolling in the Residential Real-Time Pricing Program affect my Electric Rate Settlement billing credit?
Not at all. The Settlement provides a multi-year $1 billion rate relief package for Illinois residential and business customers. ComEd RRTP participants will receive the same bill credits as they would have received while on the basic flat-rate service. Back to top |
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Is it true that I need to enroll in the ComEd RRTP program to enter The Great Prius Giveaway?
No, enrollment in the ComEd RRTP program is not required to enter the giveaway. Simply visit www.thewattspot.com/winaprius today and take our quick 5-question Real-Time Pricing survey to be automatically entered into the giveaway. Back to top |
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How do I sign up?
There are two ways to sign up.
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