Illinois was ahead of its time when Larry D. Habb, president and CEO of Illinois Power Co., told colleagues that the state should embrace energy deregulation back in ’95. Most states waited until the late nineties and even the early 2000s to take on deregulation, but Illinois is already seeing the effects of energy deregulation. Let’s examine some of effects of energy deregulation in Illinois to see how the average consumer benefits.
Positive Effects of Energy Deregulation in Illinois
Two years after Habb made his speech, lawmakers passed the Illinois Electric Service Customer Choice and Rate Relief Law of 1997. This set the effects of energy deregulation in Illinois in motion. Since that day, consumers have had far more choices when it comes to what company provides their electricity service.
One of the most obvious energy deregulation effects in Illinois is the increase in competition amongst third-party providers. Consumers can now choose the company with the lowest rates, best services and products and most attractive service contracts.
The Illinois Commerce Commission also reduced the price of electricity by 20% and froze the rate for an entire decade. And of course this makes for another obvious effect of energy deregulation in Illinois: more money in consumers’ pockets.
It took a while for deregulation to roll-out for the entire state and for the energy deregulation effects in Illinois to be felt all over the state, but more consumers are now finding that switching just makes sense.
Consumers only have to look to their neighbors and fellow business owners who have made the switch to a third-party energy provider to see the effects of energy deregulation in Illinois. With more competition comes lower rates and more competitive service agreements that lock in those low rates for years to come.
The future looks bright for the state of Illinois and energy deregulation effects in Illinois will only help it shine brighter. With consumers able to save more at bill time and with the public utilities able to focus on providing the best energy products to the state’s various homes and businesses, the effects of energy deregulation in Illinois can only be positive.
It will be interesting to see how the energy deregulation effects in Illinois will be felt as more families and business owners find out about deregulation and make the switch. If you want to make the switch, start shopping for low rates now. There are quite a few third-party providers to choose from and their rates become more competitive all the time.
Once you start shopping for rates and comparing energy services and products, you will soon see which company is the reigning king in your area. If you think you’re saving money now with your current energy provider, try feeling the effects of energy deregulation in Illinois personally. Once you start saving money and once you see that it’s in your best interests to switch, you’ll probably wonder why you didn’t make the switch sooner.
Energy deregulation effects in Illinois have so far been overwhelmingly positive. We can only assume that the effects of energy deregulation in Illinois will continue to improve the state’s energy market. With more companies to choose from and with rates getting lower all the time, this is proving to be a great year already for the average Illinois energy consumer.