LOCKPORT – City officials in Lockport decided to continue their membership with the Will County Electric Aggregation Group to ensure low electricity rates for residents.
With unanimous approval Wednesday, city council members decided to once again stay members of a program run under the Will County Governmental League that aims to give its members savings on electricity bills. As part of the program, residents and small commercial retail customers are able to participate in an opt-in electric aggregation program.
“It’s an opportunity to take advantage of the cost savings available to us right now,” said City Administrator Ben Benson.
Lockport officials wanted to renew their agreement because their contract with Verde Energy was coming to an end and the city would be subject to energy rates by ComEd, which have the potential to be raised at any time. The program has saved participants in Will County a combined total of $25.5 million over a two-year period or an average of $500 to $530 a household, according to city officials.
Neighboring communities who are also members of the program include Frankfort, Homer Glen, Lemont and Romeoville.
The Will County Electric Aggregation Group and Will County Governmental League voted to accept a proposal by Homefield Energy for a three-year contract at the rate of .06996 cents a kilowatt hour for the first two years and .06850 cents a kilowatt hour for the final year. Lockport would be able to benefit from the rate under the program’s new contract.
“This could lock in a rate at three years for our customers,” Benson said.
The rate from Homefield Energy would represent a six percent savings over the current ComEd rate of .0742 cents a kilowatt hour, city officials said.
With Wednesday’s council approval of the agreement, notifications to opt out of program are expected to be sent over a 21-day period and final approval of residential and commercial participation will be completed. Residents can opt out of the program after the 21-day period any time with no penalty.
The enrollment process for eligible participants will begin in September, city officials said.