Village Selects Verde Energy
● By Tim
The Village of North Aurora has entered into an agreement with Verde Energy USA Illinois, LLC for electricity supply for residents and small commercial businesses. The agreement will be effective beginning September, 2014 and will be for a twelve (12) month period ending September, 2015. Verde is the current provider for the Village’s electric aggregation program.
Residents and small businesses that are currently enrolled in the Village’s aggregation program with Verde as well as eligible ComEd customers will receive a letter describing the terms of the agreement as well as an “opt-out” form if the resident wishes to go back to ComEd for supply. Residents who wish to opt-out and go back to ComEd have a two-month period to select a new alternate supplier, or be locked with ComEd for a full twelve-month period.
The fixed-rate for the upcoming period beginning September, 2014 is 7.856 cents per kWh. The rate includes the support of 100% renewable energy. ComEd’s summer rate-to-compare is 7.60 cents per kWh. ComEd also assesses a Purchased Electricity Adjustment (PEA) on a monthly basis that can be a charge or credit of up to 0.50 cents per kWh. This charge has averaged an additional 0.33 cent charge over the last several year period which could result in an effective ComEd rate of 7.93 cents per kWh or as high as 8.1 cents. The non-summer ComEd rate beginning in October 2014 has not been finalized as of this time.
The fixed rate provided by Verde is not subject to the PEA. Once enrolled in the aggregation program, there are no termination fees if a resident wishes to choose another supplier at any point during the term of the agreement, or chooses to go back to ComEd for supply.
By continuing the aggregation program for a one-year period with a competitive rate the Village ensures that residents will have aggregation as a choice of electric supply over the next twelve months with support for 100% renewable energy and not inadvertently be locked into ComEd for a twelve-month period
For questions or more information please call the North Aurora Village Hall at (630) 897-8228.