Residents have option to opt out of electrical aggregation and save money

St. Joseph residents could save money by switching their electrical rate to Ameren.

Ameren Illinois has announced a residential electric rate of 4.7 cents per kilowatthour for the 12-month period beginning with June meter readings.

Ameren’s rate is approximately three-tenths of one cent less than St. Joseph’s current electric aggregation rate of 5.031 cents. For the typical participant, who Ameren reports uses 10,000 kilowatthours a year, monthly savings with Ameren would be about $3.31 or about $40 a year.

Ameren’s new rate falls below nearly all 300 downstate Illinois communities that have electric aggregation programs. St. Joseph’s rate of 5.031 cents is among the lowest electric aggregation rates in Illinois. The utility’s rate has fallen due largely to the decreasing cost in energy commodities and reduced invested capital costs.

Under the Village’s contract with Constellation, the low bidder for the St. Joseph’s electric supply, participants have the right to opt out at any time and at no cost. To opt out, they can call Constellation’s customer care center toll free at 844-312-9122. They will need their account number, found at the top of their electric bill, to opt out. Participants also can learn more about electric aggregation by calling that number.

The electric supply accounts of residents who opt out will be returned automatically to Ameren or to an alternative retail electric supplier the resident designates. Electric aggregation regulations require consumers who opt out to remain a total of 12 months with Ameren for electric supply if they do not to return to the Village’s program or another supplier within the first two months after opting out.

SIMEC, LLC, headquartered in Quincy, is the broker for the Village’s electric aggregation program.