Best 2024 Duke Energy Rates offered by Electricity Companies
Energy choice participation has increased in the Duke Energy service area as consumers are becoming more aware of legislation that allows them to shop for better electricity rates. The unbundling of Duke Energy allows consumers to solicit offers from competitive electricity companies who can offer more attractive terms and pricing.
Advertising from Ohio electricity companies has also attributed to consumers obtaining a better understanding of Ohio electricity choice laws. Having a choice of multiple companies to purchase power from has resulted in Duke Energy customers receiving better prices, terms, and customer service.
2023 Duke Energy Rate Update
Duke Energy Rate Savings Potential by ElectricRateOn June 1, 2023 Duke Energy raised their default supply service rate an unprecedented 58% from 6.44¢ per kWh to 10.17¢. The rate hike will effect all Duke Energy customers who are on the Standard Service Offer (SSO) default rate and not on a competitive Ohio electricity rate plan.
As of May 2023 the Ohio Public Utilities Commission released data indicating that 59% of all Duke Energy customers were on the SSO rate, and thus in danger of seeing their electric bills explode by 58% during the summer months and potentially the rest of the year. This represents roughly 467,000 total customers which includes residential, commercial, and industrial types.
Fortunately for these Duke Energy customers, some competitive Ohio electricity suppliers are offering rate plans that are showing savings between 30-40% off of the new default rate. There are fixed rate plans available that are even lower than the Duke Energy default rate prior to the huge rate hike in June.
About Duke Energy Competitive Rate Plans
What to Compare when shopping for electricity in Duke Energy by ElectricRateResidents living in the Duke Energy service area searching for the best electric rate should consider switching to a competitive Duke electricity company. In order to find the best electricity rate customers should compare multiple offers.
There are a variety of rate products available that are bing marketed to residential Duke Energy consumers ranging from long term fixed rates to monthly variable terms. In addition, some companies offer incentives such as renewable energy sources, cash back rewards, or even free Nest Thermostats that allow you to better track your energy consumption.
Trying to choose the best electricity rate in the Duke Energy territory is becoming easier as the competition fights to gain more market share. One tool that is becoming increasingly popular to help electric choice shoppers choose and compare rates is online energy comparison sites. Online comparison sites allow users to compare the best electric rates from multiple companies based upon the desired term that best suits the customer’s needs.
Avoid Being Placed on a Variable Rate
4 Benefits of Using ElectricRate.com for Duke Energy by ElectricRateSome comparison sites, such as ElectricRate.com, provide customers with updated pricing before their contract expires. This added service helps customers stay on top of the market so that they are always getting a low electric rate. One of the easiest financial mistakes a person can make is to forget when their electricity contract ends, causing them to go months of overpaying for their power.
When fixed rate contracts expire, the electricity company usually places the customer on a variable rate that is often substantially higher than the fixed rate. It is important to stay on top of your contract and sign a new on prior to the current contract’s expiration date.
Avoiding this will result in your supplier inching the price you pay for power up every so often, and sometimes that increase can be substantial. Having a service that keeps you update with your contract expiration status and the lowest rates available in your area at any time will end up saving you a bundle in the long run. All ElectricRate.com customer receive this service free of charge.
Why Should I Stay with Duke Energy?
Dissecting Myths about Duke Energy by ElectricRateIf you can find a lower Ohio electricity rate when compared to the Duke Energy SSO default rate, then there is no reason to stay with Duke Energy. A low fixed rate will give you near term savings and keep you locked in for the term of the contract and protect you from future rate increases.
There is a lot of confusion pertaining to Ohio energy choice and the role Duke Energy plays in the market. It should be understood that Duke Energy is a utility company responsible for delivering power to their customer and the upkeep of the lines and wires. For these services they charge distribution and transmission charges that can be found on the Duke Energy electric bill and which are regulated charges by the Ohio Public Utility Commission.
Duke Energy does not profit off of the SSO default rate. In fact, the charges they collect for the default rate and transferred over to Ohio electricity suppliers who have bid to provide service to those Duke Energy customers who have not selected a competitive rate plan.
Duke Energy does not care if you leave their SSO rate service and purchase your power supply from a competitive electricity supplier. Their business is delivering the power and not the electricity generation side which is what you are purchasing when you shop the market for competitive rates.
Lowest Duke Energy Competitive Rates
Below are the best and lowest Duke Energy rates offered by electricity companies who have been licensed and approved by the Public Utilities Commission of Ohio. If the competitive rates are lower than the Duke Energy price to compare rate, the difference multiplied by the monthly power usage will be the amount of money a residential customer will save on their monthly electric bill.
Long term fixed pricing also provides stability and protection against future potential price hikes that can occur with the Duke Energy price to compare rate.
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