Lowest AEP Ohio Power Choice Rates
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AEP Ohio Electricity Choice Overview
Significant opportunities to reduce electricity costs exist for consumers who receive their electric bill from AEP Ohio power. Recent declines in wholesale energy markets have allowed licensed competitive electricity suppliers to slash their offered rates well below the default rate that Ohio Power offers to customers for power supply. The difference between competitive rate offers and the utility default rate can result in reduced monthly electric bills.
Through Ohio electricity choice laws, consumers have the ability to shop the market for competitive electricity rates instead of just paying a regulated rate which can oftentimes be higher than the price that a competitive market can produce.
The American Electric Power company delivers power to approximately 1,521,491 customers through two operating companies which it acquired in recent years – Southern Columbus Power Company and Ohio Power. Despite strong energy choice awareness throughout Ohio, at the end of April 2023, only 43% of AEP customers were purchasing their power from a competitive supplier, the third lowest switch rate among all of the Ohio utility service areas. In contrast, shopping activity in the Toledo Edison service area was at 67% as of April 2023.
Shopping for Lower AEP Ohio Rates
AEP Ohio Electric Rate Savings Potential by ElectricRate
Shopping activity in the AEP Ohio Power service area has been slow to this point largely because of relatively low default rates. Low electricity prices and savings are the primary catalysts for first time power shoppers. When savings are not available, Ohio electricity suppliers have a hard time attracting new customers.
This is about to change as the Ohio default rate, known as the standard offer service rate, is going up substantially in 2023. In addition, movements in the energy markets have presented opportunities for competitive suppliers to offer even lower prices. The second half of 2023 should bring a wave of new customers to competitive Ohio electricity suppliers as first time shoppers learn of the savings available.
Shopping for lower AEP Ohio electricity rates is a simple process that can be done at home in just a few minutes. Electricity price comparison sites make it easy for consumers to type in their zip code and easily compare rate offers available in their area. All Ohio electricity suppliers are licensed by the state in order to prevent tricky offers with hidden fees.
Lowest AEP Ohio Electric Rate
Low AEP Ohio Power rates offered by licensed Ohio electricity suppliers are displayed below. All rates are updated daily. AEP continues to send customers their electric bill even if a customer chooses to purchase their power supply from a competitive supplier. The reason for this is because AEP continues to serve as a regulated power delivery company for all of their customers.
The company with the lowest AEP Ohio electric rate can change daily. Most importantly, shoppers should look to lock in a low fixed rate that will save them money on their AEP Ohio electric rate immediately and protect them from further increases. While short term rate plans are enticing, in opens up the customer to the potential of further rate hikes just a few months from now. In contrast, locking in a low fixed rate with a long term contract will give the customer the peace of mind that they will have a low fixed rate for the next year or more.
