Lowest 2024 Electricity Rates in Cincinnati
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Power to Electricity Shop in Cincinnati
Through Ohio electricity choice consumers living in Cincinnati are now able to shop for low competitive electric rates. States that have deregulated their energy markets are seeing an increase in the number of participating electricity shoppers. As choice awareness increases throughout Ohio, consumers living in Cincinnati can expect to see an increase in the number of alternative electric suppliers competing for business.
In the past Duke Energy was the sole supplier for Cincinnati. The unbundling of Duke Energy allows consumers to power shop from several of competitive electricity companies now offering electricity prices in Cincinnati. However, no matter which competitive power supplier a customer chooses, Duke Energy continues to deliver the power through the transmission and distribution lines ensuring the quality and safety of the power.
Besides the obvious reasons for taking the time to power shop, Cincinnati consumers can elect to purchase their power from companies offering electricity generated from wind power or other renewable sources. Also, consumers might wish to lock in a fixed rate for a long period of time in order to protect themselves from the potential of future rate hikes, even if the long term fixed rate will only show modest savings initially.
Who Has the Lowest Electricity Rate in Cincinnati?
The competitive Ohio electricity supplier with the lowest rate for electricity in Ohio is constantly changing. Companies derive the prices that they are able to offer to customers through their trading strategies in the wholesale energy market.
Much like a bank puts up the cash for a home buyer to purchase a house, the competitive electricity supplier purchases electricity for a customer in advance through futures contracts. Sometimes a supplier will have extra energy from a block of energy purchased and they will be able to temporarily offer much lower prices to customers than their competitors in an effort to make something out of the excess power even if it means they are selling it at a small loss; the alternative being that they make zero revenue.
In addition, sometimes the electricity supplier with the lowest Cincinnati rate is only able to offer the rate in a plan that locks in the rate for a short period of time that is less than six months. Another supplier might offer a rate plan that is slightly higher but is able to lock in the rate for an entire year.
Though higher, many consumers might find the slightly higher rate more attractive as it provides budget certainty for the household. In this instance the lowest rate that saves the customer the most money might actually not be the lowest price.
Whether a customer is looking for the overall lowest Cincinnati price for electricity or the plan that will provide electric bill savings and long term price security, energy price comparison sites give consumers the real time offers so that they can easily shop and compare the best Duke Energy rate plan options.
Shop for Low Cincinnati Electric Rates
Duke Energy Rate Savings Potential by Todd Yasbin
Cincinnati customers who do not shop for a competitive power plan are put on Duke Energy’s SSO default rate plan. Any fixed rate that is below the SSO rate will save the customer money on their Duke Energy electric bill. By comparing electricity rate plans customers can achieve great savings while locking in a long term fixed rate that will provide price security.
Shopping for electricity in the Duke Energy service area can include comparing the price, term, customer service of the company, and electricity generation source of the plan. Cincinnati consumers can easily navigate these factors by using the comparison platform below. All competitive prices and the standard offer service are void of hidden charges and can be directly compared against one another.
Electricity choice is alive and well in Cincinnati. Look here to keep track of who has the lowest electricity rate in Cincinnati.
What to compare when shopping for electricity rate plans:
The price for a electricity rate plan will be expressed in ¢ per kWh such as 9.5¢, or it might written as $0.095 per kwh
All electricity prices in Cincinnati are an apples-to-apples comparison against each other and to the Duke Energy default price to compare rate
The term is how long the electricity rate will be fixed; the length of the contract.
Some customers might be willing to pay a higher price in exchange for locking in a low fixed rate for a longer period of time in order to gain price security.
A standard term will be a 12 month fixed rate contract.
Be sure to compare the different early termination fee of different electricity rate plan offers. You might be willing to pay a slightly higher price for a much lower early termination fee.
Note: If you move you will not be charged an early termination fee in any of the plans on electricrate.com. We guarantee it!
ETF will range from $0 to $150 in Cincinnati.
If you are more concerned with helping the environment that finding the lowest rate, you can choose to purchase renewable.
Cincinnati electricity suppliers are currently offering rate plans where the power is generated from wind power. However, these wind power plans will likely be a little more expensive than the cheapest Ohio electricity rates available.
In 2024, ElectricRate.com is posting the lowest Cincinnati electric rates on their platform. While the supplier with the lowest electric rate in Cincinnati might change from day to day, the electricity price comparison site will always be able to display which supplier currently has the lowest rate to offer.
Cincinnati electricity prices recently went up a lot because the city’s utility company, Duke Energy, rose their default price to compare rate. This rate increase had an impact on all Cincinnati customers who are not purchasing their power supply from a competitive electricity supplier, which is about 463,000 customers as of April 2023. These customers can prevent their electricity from going up by shopping for a lower electric rate.
Utility rates in Cincinnati are the rates that Duke Energy charges to deliver power to Cincinnati homes and businesses. Cincinnati utility rates are not open to competition and are regulated by the Ohio Public Utility Commisssion.
No, you do not have to choose an electric supplier in Cincinnati. If a supplier is not chosen then you are automatically put on the Duke Energy price to compare default rate which can be higher than competitive rate offers and result in you overpaying for your power.
Duke Energy is the local utility in Cincinnati and the regulated company that delivers and provides electricity to the city. However, as an energy choice market, Cincinnati electricity customers can choose who they purchase their electricity supply from.
Competitive Ohio electricity suppliers provide electricity to Cincinnati, which is then delivered to customers by Duke Energy.
One of the licensed Ohio electricity suppliers will have the cheapest Cincinnati electricity rate. The ElectricRate.com ratefinder search engine will give you easy access to the cheapest Cincinnati electric price in any given day.
There are two main ways to lower your Cincinnati electric bill. First, become more energy efficient by using less power, and two, use Ohio energy choice to make sure that you are paying the lowest possible rate for your energy supply.
Cincinnati Electric Rates in 2024
Electricity rates for Cincinnati customers on the Duke Energy price to compare are at all time highs. The Duke Energy standard service offer rate skyrocketed from 6.44¢ in April 2023 to 9.71¢ in January 2024 which equates to a 50.7% increase.
Fortunately, customers on the default plan can switch Ohio electricity suppliers to save on the 2023 Duke Energy rate increase and keep the costs on their bills down. As of November 2023, 46% of Duke Energy customers were still on the SSO price to compare rate. Every single one of these customers has the ability to save money on their Duke Energy electric bills by finding a lower competitive electricity price plan.
At the beginning of 2024 competitive rates as low as 5.99¢ were available according to electricrate.com, giving customers the opportunity to lower their electric bills by 39% against the Duke Energy default rate.
