BGE Electricity Rate 2020
Bad news is coming to BGE customers! Starting this fall, the BGE residential SOS rate is increasing from 5.505¢ per kWh to 6.234¢ per kWh. This 13% change will remain in effect from Oct. 1 to May 31, 2021, While the SOS transmission rate of .957¢ per kWh remains unchanged, the total SOS rate will rise from 6.434¢ per kWh rate to 7.191¢ per kWh.
This new rate means if your electric usage is the average 1,005 kWh, the generation supply side of your BGE bill rises from $60.37 to about $72.27. While October is still a few months away, now’s a great time to shop for the best Maryland electricity rates.
Cheapest Carbon-Free Electricity Rate
While shopping for the best electricity rates in BGE’s service area, you might have stumbled upon Energy Harbor. The company boasts their commitment to providing carbon-free power to their clients. Their Safe Harbor 12 plan has a 6.89 cents per kWh rate . Now, the plan does come with a $25 early termination fee if you decide to leave before the contract expires. Energy Harbor will notify about 45 days before the contract ends. But, be aware that when the plan does expire, Energy Harbor has the option to automatically renew the agreement for a term less than or equal to its initial term unless you actively cancel the agreement.
Assuming you switched in time for the June bill, you’ll pay a higher rate with Energy Harbor from June-September ($18.32 total) than you would with BGE. However, when BGE’s rate increases on October 1, you’ll be paying less with Energy Harbor for the remaining 8 months ($24.24 total). This saves you nearly $6 over the next 12 months compared to BGE!
Best Risk-Free Generation Charge
Smart energy shoppers often start their search for better deals by comparing rates from the best energy companies in their area. Direct Energy stands out with their competitively priced Live Brighter 12 plan. At 6.99 cents per kWh, the plan could save the average home $2 compared to BGE’s October rate increase.
The plan has no early termination fee which allows you to switch Maryland electricity suppliers if you see a better rate. But if you like the plan and choose to stay, be aware that you will be automatically switched to Direct Energy‘s variable rate when the contract ends. so keep an eye peeled during the last 30 days for that plan expiration notice.
Lowering your BGE Bill
With BGE’s SOS jumping up by 13% increase, now is the time to shop Baltimore electricity suppliers. Energy Harbor provides a great long-term on carbon-free power with their Safe Harbor 12 plan. Direct Energy has a risk-free option that will be a cost effective choice if it remains this coming October. Always keep an eye out to save money for your home energy needs. You can learn more about saving money and energy by comparing rates and plans at www.mdenergyratings.com.