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Chicago Electricity Rates

Chicago Electricity Prices

Lowest electric rates in Chicago today:

Source: EnergyBot (updated daily, averages based on 4 month trends)

Chicago Energy Data

Last updated May 2021

  • The average Chicago commercial electricity rate is 9.37 ¢/kWh (21% lower than the national average).
  • The average Chicago residential electricity rate is 12.26 ¢/kWh (8% lower than the national average).
Source: Illinois energy data from The U.S. Energy Information Administration (EIA)

Business Electricity Rates in Chicago, Illinois

Illinois electricity deregulation began in 1997, giving Chicago based businesses the power to choose their electricity provider. The deregulated market opened energy supplier up to competition- forcing them to be more efficient as it relates to both service and price. Businesses of all sizes can compare energy plans from top energy suppliers and shop for the best available rates.

In most cases, Chicago businesses that take advantage of the competitive market can more effectively manage their monthly electricity costs by switching energy providers, plans and rates, as needed.

Chicago Illinois Downtown at night

What is the ICC?

The Illinois Commerce Commission, known as ICC, is the public utilities commission of the U.S. state of Illinois, charged with the regulation of utility service providers, including electricity, natural gas, telecommunications, and transportation. ICC was created to assure the residents of Illinois have adequate, efficient, reliable, and safe public utility services at a fair price.

In doing so, the ICC impacts every business in Chicago – as it regulates all providers of utility services, including electric and natural gas companies, local and long-distance telephone companies, water and wastewater companies, rail and trucking companies. ICC is responsible for promoting the development of an effective, competitive energy market.

As a Chicago business owner, it is important to understand that the ICC is also synonymous with the “Plug In Illinois” energy comparison charts.

What is the difference between a Utility and an Energy Provider?

Utilities are the entities in charge of the operation and maintenance of the energy infrastructure, like wires and towers. The local utilities in Chicago are Commonwealth Edison and Ameren. They are responsible for transporting electricity from the generators to residential homes and businesses in this specific region.

Energy providers in Illinois, like Direct Energy and Public Power are the competitive energy retailers. Each energy provider buys energy from the wholesale market (the generators) and then re-sells it to consumers (homeowners, renters, and businesses).

In most cases, the consumer, the homeowner, renter, or business, signs a contract with an energy provider for a specific energy plan. The basic energy plan details the rate class, the energy rate per kWh, the contract term length (6, 12, 24, 36 months), and other contract terms like cancellation fee policy.

What is energy choice?

Energy choice, also known as energy market deregulation, allows Chicago business owners to select their energy supplier. Chicago has been a deregulated market since May 1, 2002.

Switch Electricity Providers in Chicago

Finding a new electricity provider in Chicago is simple with EnergyBot. Follow these simple steps to get the lowest electricity rate in Chicago.

Step 1: Shop Chicago electric companies and prices

Enter your zip code at the top of this page and you can quickly see plans from the top Chicago electric companies. For even better pricing use our data linking tool to pull in your historic usage from your utility.

Step 2: Review the plan details

Energy plans often have long confusing contracts. We don't like teaser rates and tricky terms, so we filter out the plans that trick customers into bill spikes. Each plan you see on our site has plan details. This breaks down the most important information about the plan into a way that is easy to understand.

Step 3: Confirm the switch to a new energy provider

Once you have decided on a new energy plan for your home business just follow the prompts to confirm. Once you're done, we give you dashboard to see the status of your contract.

Types of Energy Plans offered in Chicago

Chicago energy providers offer rates and plans with a range of options and terms. While you will see many types of plans for the most part they are in two categories: fixed-rate and variable rate.

Fixed-Rate Electricity Plans in Chicago

Fixed-rate plans will have a set price for the term of the contract. Regardless of weather, natural events, or market volatility, your rate will not change. In most cases, fixed-rate plans have a term length of 6, 12, 24, or 36 months. We recommend fixed-rate plans for most customers.

Variable-Rate Electricity Plans Chicago

Variable-rate plan rates may change on a monthly basis based on market factors. Variable-rate plans offer more flexibility but present more volatility in pricing. Price changes may impact your monthly electricity bill in the form of price hikes. In most cases, we do not recommend variable-rate plans.

Chicago Electric Rates

How much is electricity in Chicago? Rates updated daily

Chicago Theater lit up night

About Chicago, Illinois

Chicago, also known as “the windy city”, was organized in 1833. It is the third largest city in the United States with a population well over 2.5 million people. Chicago is located on the southwestern bank of Lake Michigan, making it the largest inland city in the United States.

Chicago is recognized as an international hub for finance, culture, commerce, industry, technology, telecommunications, and transportation. In 2018, Chicago was the second most visited city in the nation, just behind New York City.

Chicago IL business district

Illinois Business Profile

Illinois small businesses employed 2.4 million people and grew by 19,000 net new jobs according to the latest SBA Small Business Profile. The 2.4 million employees represent 46.4% of the total employees in Illinois. In total 1.2 million small businesses in Illinois make up 98.2% of the total businesses in the state.

Chicago, Illinois Energy Profile

Chicago has a very diverse economy, inclusive of manufacturing, printing, finance, and food processing (the city is still considered the nation’s “candy capital”). As a major inland port, Chicago is also a national transportation and distribution center.

Chicago has the third-largest gross metropolitan product in the United States. It has also been rated as having the most balanced economy, due to its high level of diversification.

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