How to Reach Your PEAK and SaveApril 26, 2016
Melissa Petty is always looking for ways to save money. Whether it’s clipping coupons, buying on sale or just curbing waste, Melissa likes saving. So when she saw that there was a new program that could lower her monthly electric bill, she jumped at the chance to enroll.
“I participated in ComEd’s Peak Time Savings Challenge in 2015 to try and lower my monthly bills,” she said. “It worked like it should. I lowered my electric usage during a high usage period and got a credit on my next electric bill.”
Petty is one of more than 2 million customers in Northern Illinois who now has a smart meter, which enables her to participate in the Peak Time Savings Program. ComEd will complete the installation of 4 million smart meters by the end of 2018.
During “peak” energy times – typically between 11 a.m. and 7 p.m. when air conditioners are running, businesses are open and factories are running –more energy is needed to meet the demand. Smart meters enable tools and programs that help customers reduce their electricity use during “peak” times and allows them to earn credits on their electric bills for making smart energy choices. For example, enrolled customers can choose to not run a washer or dryer during peak time hours, which will earn them a money-saving peak time credit from ComEd.
More than 56,000 ComEd customers participated in the Peak Time Savings program in 2015, earning a total of $386,867 in bill credits. The 2015 Peak Time Savings program was one of ComEd’s most successful program launches in history. This year, more than 156,000 customers have enrolled to participate this summer. ComEd is expecting Peak Time Savings participants to earn a cumulative $1.4 million in bill credits this year.
“I plan to continue participating in ComEd’s Peak Time Savings,” Petty said. “I think anyone with a smart meter should take advantage of this program.”
Enrollment for this year’s program ends on April 30, but customers who want to participate in 2017 can begin enrolling this May 1. Customers can enroll in the 2016 Peak Time Savings Program online or by calling ComEd at (844) 852-0347.
Participants who can avoid using large appliances – such as dishwashers, vacuums and washing machines, or even reduce the use of their home’s air conditioning – during peak hours can earn a credit that will appear as actual dollars off their next electric bill. Credits amount to $1 for every kilowatt hour (kWh) of electricity reduced, and customers can estimate how much they can earn using ComEd’s Peak Time Savings bill credit calculator.
Visit ComEd’s website to learn more about Peak Time Savings.