Maryland Utilities File Summer Rate Increases

Maryland electric utilities want to charge a higher summer SoS rate. Find out how much more you could pay and how you can avoid it!

Prepare Now For Summer Rate Increases

Summer rate increases could be heading your way on June 1! Find out how you can pay electricity bills now before these take effect!
Several Maryland electric utilities have filed to raise their SoS rate starting on June 1. Now’s the time to learn what you need to know to pay lower electricity bills and save money!

This year has been difficult for Maryland energy customers. Natural gas prices have been on the rise, which means high costs to stay warm this winter. Also as a result, Maryland energy customers can expect their electricity rates to rise in this summer. Which means it’s time to decide what to do about Maryland’s summer rate increases.

Maryland Utilities Hike Summer Rate

Late last month, Maryland utilities filed Standard Offer Service (SoS) rates that go into effect on June 1, 2023. Most utilities will increase their generation service charges. Bear in mind that these rates only refer to the generation service charge portion of SoS rates, not the delivery charge. To get an idea of how much the new SoS charge will cost, we’ll use Maryland’s average monthly energy usage. According to the EIA Average Monthly Bill report, that’s 973 kilowatt-hours (kWh).

Delmarva Power’s generation SoS rate will rise to 8.348 cents per kilowatt-hour (kWh). This is a 5% increase from the current 7.9003 cents per kWh rate. Which means an increase to about $81 from the current $76 generation supply charge.

Similarly, BGE’s rates will rise from 9.773 cents per kWh to 9.896 cents per kWh. Which means a hike from about $95 per month on generation charges to about $96.25.

Lastly, however, Pepco customers can look forward to an 8% price drop from 8.586 cents per kWh to 7.853 cents per kWh in June. This means a drop from about $85 in monthly generation charges to $76.

Avoid Paying a Higher Maryland Electricity Rate

It’s important to note that these calculations are based on average usage. Staying comfy during summer and winter tends to push your energy usage up. And to be sure, SoS rates aren’t at their best. But rather than wait for cheaper rates, you can cut costs now by focusing on saving energy. The tips below are a great start to your strategy.

Adjust Your Thermostat

Did you know that you could save up to 10% a year by turning back your thermostat 7-10 degrees for 8 hours a day? The best times to make these adjustments are while you’re away at work or while you’re asleep at night. And you can automate the savings, if you have or install a programmable thermostat.

Consider Replacing Your Windows

Old, inefficient windows account for about 25%-30% of energy usage. That’s because your old windows allow the cold in during the winter and can’t keep out the heat in the summer. As a result, your heating and cooling system must run longer to heat or cool your home.

But you can help offset these costs if you invest in energy-efficient window replacements. You might also consider energy-efficient window coverings to help cut energy loss through the year.

Save Energy With Insulation

Similarly, you can make your home comfier with proper insulation. Insulation helps keep heat in during the winter and out in the summer, which adds up to big savings every year. As a bonus, the right types of insulation can also improve your in-home air quality.

Save Money By Saving Energy

Maryland electricity customers still have a little time before SoS rates rise. And Maryland retail energy providers may offer better deals in just a few months. For now, though, it’s possible to save money with a strong energy saving strategy.

You can keep up with the news that affects your bills at https://www.mdenergyratings.com. You can also shop for great plans and find ways to save money on lower electricity rates.

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