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ComEd Customers are receiving $80 Million in bill credits
Executive Perspective by Val Jensen
The Illinois Commerce Commission (ICC) approved ComEd’s request to provide ComEd customers with an approximately $80 million refund as a result of ComEd’s efforts to implement the new Energy Efficiency funding mechanism established by the historic Future Energy Jobs Act (FEJA). As a result, the average ComEd residential customer will see a credit of about $14 on their October monthly bill.
Val Jensen, ComEd’s Senior Vice President of Customer Operations, shares more about the refund and how ComEd is looking forward to saving customers even more money under the new Energy Efficiency Plan starting in 2018.
Q: Why is a credit being issued to ComEd customers?
A: As a result of the Future Energy Jobs Act, a new energy law in Illinois that is going to double energy efficiency savings for customers, the funding mechanism for the collection of energy efficiency funds changed. The funds collected for the energy efficiency programming year (June 2016 to June 2017) were not completely spent, so ComEd filed a request with the ICC to return the funds back to its customers.
Q: How much is being credited to customers?
A: ComEd customers will receive about an $80 million credit on their bills. The average residential customers will see the credit, which can equate to approximately $14, on their October billing statements.
Q: Why is ComEd required to seek ICC approval to return money to customers?
A: The ICC oversees public utilities services in Illinois. ComEd requested –and received– permission from the ICC to expedite the return of funds customers had paid into the energy efficiency programs.
Q: Are there any other changes customers can expect to see related to energy efficiency charges?
A: The new way of funding energy efficiency resulted in the following changes in 2017 and changes they will see in 2018:
- May-October 2017: The energy efficiency line item on customers’ bills was zeroed out from May through September, resulting in an average decrease of about $2 per month during this time.
- October 2017: ComEd received permission to grant customers an energy efficiency credit of approximately $14 for the average residential customer.
- January 2018: As new, expanded FEJA energy efficiency programs begin in January 2018, the associated energy efficiency line item on customers’ bills will change again – likely to about a charge of 40 cents per month for all of 2018 for residential customers.
Q: Are there any other benefits that FEJA bring to ComEd’s EE programs?
A: Besides changing the way ComEd’s energy efficiency programs are administered and managed, FEJA creates a number of customer benefits, including:
- Increased energy efficiency funding from $250 million to $440 million by 2030, which will create more than $4 billion in consumer savings and reduce the amount of carbon dioxide in the air equivalent to removing 18 million cars from the road.
- Expanded funding for energy efficiency programs such as product rebates, home and business energy assessments, product discounts on energy-efficient products, weatherization tools and more.
- Assurance that all communities will benefit through energy efficiency programs, with $42 million per year dedicated to low-income energy efficiency programs through 2030.
Q: Are there any environmentally friendly customer benefits through FEJA?
A: FEJA also increases funding for renewables, which will set the stage to grow enough solar and wind energy to power one million homes by 2030. Through FEJA, ComEd can help to create the clean energy future we know our customers want.