As gasoline prices slowly creep upwards in Baltimore electricity prices head downward

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As gasoline prices slowly creep upwards in Baltimore electricity prices head downward

As the saying goes “All good things must come to an end” and that is definitely the case when it comes to gasoline prices below $2 per gallon in the Baltimore Region. However, as gasoline prices begin to slightly creep up, electricity supply prices or the price per kWh are headed downward for residential customers in the BGE Service Area.

For example, BGE’s current Standard Offer Service (SOS) rate is 9.548 cents per kWh and beginning June 1, 2016 the rate is scheduled to drop to 9.180 cent per kWh a 4% decrease. The same is true if you purchase your electricity from a 3rd party supplier. Competitive 3rd party supplier fixed rates range from as low as 7.89 cents per kWh to 8.99 cents per kWh with various terms. Electricity purchased at 7.89 cents per kWh represents a 17% savings over BGE’s current Standard Offer Service rate.

It has been 28 months (pre-polar vortex) since BGE Service Area customers have had an opportunity to lock into a fixed rate as low 7.89 cents per kWh. Unlike gasoline prices you can lock in a fixed electricity supply rate and now with April being considered a “Shoulder Month” (months of the year when it is between 45 and 65 degrees outside and less energy is in demand) now may be a good time to lock in rates.

 

PointClickSwitch.com is a marketplace to compare and shop for electricity rates. Phil Croskey is CEO and Co-Founder of PointClickSwitch.com & MD Energy Advisors.

 

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