New Lake Zurich Electric Supplier Expected to Cut Bills by 30 to 35%

The announced that it has entered into an agreement with First Energy to provide electric supply services to residents. Voters approved a March referendum authorizing the village to implement an Electrical Aggregation Program. 

First Energy is expected to save residents approximately 44 percent on the current cost of electric supply, according to the village news release. With distribution costs added in, residents can expect to save 30 to 35 percent on their electric bill by late summer, early fall. 

Several municipalities worked with the Northern Illinois Municipal Electric Collaborative (NIMEC) to pool  resources and buying power. After reviewing bids, Lake Zurich selected First Energy for a two-year contract at 4.75 cents per kilowatt hour (kwh). The current ComEd rate is 7.73 cents per kwh and that is scheduled to increase to 8.5 cents per kwh on July 1. 

“We are pleased to get this program in place for our residents. Under the agreement with First Energy, our residents can expect to see significant savings on their electric bills,” said Mayor Suzanne Branding, in a news release. 

Residents can opt for green energy under the plan for an additional 1/10 cent added to the overall rate. In other words, residents would be able to choose green power for 4.85 cents per kwh, still saving more than 30 percent off current rates.  

The aggregation is an opt-out program with no action required from eligible residents wishing to participate. The village of Lake Zurich will send out more information describing the program in detail to residents and small commercial customers in the next few weeks. 

More information about the program will also be posted on the Village of Lake Zurich website.