CRYSTAL LAKE – Crystal Lake residents will once again have a chance to pay for power through an aggregation program after city officials approved a new three-year deal.
Through the current aggregation program, residents pay 4.7 cents per kilowatt hour compared to the 6 cents per kilowatt hour offered through ComEd. With both rates set to expire in June, aggregation prices are expected to increase closer to projected ComEd rates.
Crystal Lake City Council members locked into a deal with Homefield Energy that will see rates drop over the life of the three-year contract. Rates in the first two years would cost 7.2 cents per kilowatt hours while the final 12 months would drop to 6.4 cents per kilowatt hour.
Industry experts have speculated ComEd's new rate starting in June would be between 7.2 and 7.6 cents per kilowatt hour.
While residents who stay in the aggregation program would realize a savings over ComEd, anyone can opt-out of the program and revert to ComEd rates. Residents can also join the aggregation at a later time.
Because of the flexibility individuals have in joining or leaving the aggregation program, Mayor Aaron Shepley said it was a no-lose situation.
"I think it is an easy call," he said. "The three-year rate for Homefield is less than the low end of what is being projected for ComEd."
The average rate of the three-year aggregation contract is 7 cents per kilowatt hour.