BGE SOS Rate Rises in October
As you can guess, MD struggled during the pandemic. And economic recovery efforts and a cold winter have increased energy demands, leading to higher home energy costs. But this year is especially difficult as the invasion of Ukraine has contributed higher energy prices worldwide. Now, BGE has filed to raise rates for the period from October through May of next year. And these are a huge cost spike for MD’s energy customers. That’s why now’s the time to act before you miss out on potentially cheaper electricity rates. Don’t let the summer end without beating the 30% BGE SOS rate rise.
BGE Rate Rise 2022
Earlier this month, BGE filed new standard offer service (SOS) rates. From October 1, 2022 through May 31, 2023, the SOS rate will be 9.887 cents per kilowatt-hour (kWh). This is a huge 27% spike from BGE’s summer SOS rate of 7.769 cents per kWh.
Shop Now to Beat Higher BGE Rate
These increasing Maryland energy rates are why we recommend locking in a cheap electricity plan sooner than later. To avoid paying these higher BGE rates, shop for a fixed rate plan now. Lock in a low rate now to carry you through to next spring. For example, if you lock in a 12-month fixed-rate in time for June, you can enjoy stable pricing all the way through next May! Plus, many energy companies add value with rebate programs, shopper discounts, or travel savings.
High Summer Cooling Costs
Right now, BGE’s summer’s SOS rate is still comparatively low. But, summer temperatures are predicted to be hot. And with rates going up, now might also be the time to put in a new central air conditioning system. If your home’s AC system is 10+ years old, it probably has a Seasonal Energy Efficiency Ratio (SEER) rating of at least 13. You can find out what this might cost with the formula described for this SEER rating calculator. Newer EnergyStar systems score 15 SEER or better. That’s at least about 20% more efficient.
What to do about BGE rates
When October comes around, BGE customers will be paying 30% more on their electricity. And since winter is expensive with home heating costs, that can break the bank. But you can avoid high electricity bills if you shop for cheaper rates while they’re still here. And you can count on mdenergyratings to keep you up to date on the best deals.
You can read customer reviews of these and other great Maryland electricity plans when you compare rates at https://www.mdenergyratings.com.