Cheapest 2024 Met Ed Electricity Prices
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Recent rate increases on the supply cost has caused many Met Ed residential customers to start searching for cheaper electricity prices. Pennsylvania electricity choice laws allow customers to choose rate offers from competitive electricity companies whose offers will replace the Met Ed price to compare default rate.
Many Metropolitan Edison consumers are still unfamiliar with their ability to shop the market for cheaper prices. However that is beginning to change as more competitive Pennsylvania suppliers are focusing a larger percentage of their marketing efforts towards the region.
Met-Ed Rate Increase in 2024
Met Ed Electricity Rates June 2024 by ElectricRate
Since June 1, 2022 the Met Ed price to compare has risen 49.9% and has effected over 300,000 residential customers who have not been participating in the state’s electricity choice program. The rate jumped from $0.0683 to $0.094 per KWh on September 1, 2022 and then to $0.0999 in December where it had been until June of 2023. On June 1, 2023 the Meted default rate increased further to 10.24¢ per kWh.
But the increases didn’t stop there. In preparation for 2024, Met Ed again raised their price to compare rates on December 1, 2023 to 11.306¢ where it is expected to remain until the middle of 2024.
Met Ed customers can control the potential of even more increases, as well as saving money against the current price, by shopping the competitive market for the cheapest Pennsylvania electricity price and supplier.
Lower Met Ed Electric Bills
While there are a variety of reasons a consumer will shop for an alternative supplier’s rate, a cheaper price remains the most common. There are no differences between suppliers in regards to the quality of power delivered. While some supplier market themselves as higher end, in reality they have no control over the power that is delivered to any specific home.
Some customers may prefer to pay a higher price for renewable energy or for a longer fixed term. However, for most consumers, finding the cheapest fixed electricity price is the most important feature of the offer. Finding a cheaper Met Ed electric bill results in lower Meted electric bills.
By default, a customer who receives their electric bill from Meted pays the utility Price to Compare for the generation portion of their bill. When a consumer chooses a competitive Pennsylvania electricity rate plan that has a cheaper price compared to the default price, the competitive plan takes the place of the higher default price on the electric bill.
In an era of high inflation and rising costs across the board, taking the time to shop for the cheapest Met Ed electricity price is one of the easiest ways to save money and increase your spending power in other places. The best part of this saving tactic is that there is no tradeoff; nothing else other than the amount you pay on your Met Ed electric bill is effected.
Met Ed Price to Compare
Meted Price to Compare vs ElectricRate Graph by ElectricRate
Met Ed is a First Energy Company and part of the Pennsylvania electricity choice market. As such, their main function is to safely deliver power to customers within their service area, maintain the power lines and wires, and send out the monthly electric bill no matter which electricity company supplies the customer with their power.
One other task that Met Ed and other Pennsylvania electric utilities have been assigned from the PA Electricity Choice Act is to be the default power supplier if a customer does not shop and choose a competitive electric plan. When this happens, the customer pays a default rate for their electricity supply which is known as the Price to Compare.
The Met Ed Price to Compare is derived through an auction process where Pennsylvania electricity companies bid to provide service to default rate payers in the Met Ed service area. Even though the Met Ed electric bill will just state the price of the default rate, that rate is actually being charged by another electricity company.
Avoid Variable Met Ed Rates
4 Benefits of Using ElectricRate.com for Met Ed by ElectricRate
If you are looking to keep your electric bill low with a cheap Met Ed electricity price it is vitally important that you always remain on a fixed electric rate and never get caught on a variable rate structure.
Variable rates will rise due to market conditions, in which case they can rise quite rapidly and violently, resulting in customers receiving electric bills that are drastically higher than the previous month. Even in stable market conditions, however, your variable rate will likely rise slowly over time as your supplier tries to increase their profit margins.
If you chose a competitive Met Ed electricity rate plan years ago and forgot about it, chances are that your original plan has expired and the electricity company you chose has put you on a variable rate structure. This variable rate plan is undoubtedly higher than the cheapest electricity rates currently available.
Working with a reputable residential electricity broker or energy price comparison site can help you avoid this situation. The ElectricRate.com renewal tool reminds customers when their current plan is expiring so that they can lock in a new fixed rate plan and avoid being put on a variable price that constantly rises.
Met Ed Electricity Choice
This is important to understand because many Met Ed customers are hesitant to shop because they do not want to end their relationship with the company. In reality, they will remain Met Ed customers no matter which electricity rate plan they choose. The money collected by Met Ed for electricity supply service is transferred over to the Pennsylvania electricity company who came in with the cheapest electricity price during the auction to service customers during that specific period of time.
When cheaper electric rates are available in the competitive Pennsylvania electricity choice market, customers should select a plan that will allow them to have cheaper monthly Met Ed electric bills.
As of April 2023 only 18.70% of Met Ed residential customers were purchasing their power from a competitive supplier, down from 35.2% in 2016. The remaining 81.3% are paying the Met Ed default Price to Compare rate and can easily find a cheaper electricity price by simply shopping for more attractive offers.
Cheap Met Ed price offers for residential customers are listed below, all suppliers listed have been licensed by the state of Pennsylvania.
Frequently Asked Questions
In January 2024 the Meted Price to Compare is 11.31¢ per kWh
In 2024 competitive electric rates in Pennsylvania are lower than the Meted price to compare default rate, which means that you can save money if you take the time to shop for competitive electricity rates.
Yes. Meted is still a regulated utility company which means that they are responsible for handling all electricity emergencies within their service area. They emergency and repair teams will not even know that you have switched on to a lower rate plan if that is what you have done. To them, all of their customers are equal.
As of January 2024 Clearview Energy as the lowest Met Ed rate as reported on electricrate.com
