ComEd proposes $119M expansion of energy efficiency investments
As a follow-up to its energy efficiency program, ComEd filed a request with the Illinois Commerce Commission (ICC) last week in search of a $119 million increase to ICC-approved rates from January, all for further efficiency investment.
Since 2008, the company credited the energy efficiency program with saving customers more than $7.6 billion, including $176 million in electric bills last year. Beyond costs, it also helped customers save more than 11 million megawatt-hours (MWh) of electricity – a figure in excess of ComEd’s annual goal.
If approved, further changes to this would add approximately 56 cents to the monthly bills of ComEd’s average residential customers beginning in 2024. However, further investments will only be approved if the ICC finds new costs to be prudent and reasonable for customers. The state organization should take about eight months for its review.
“Thanks to CEJA, we are offering a broader range of solutions to help people reduce energy use and costs,” ComEd CEO Gil Quiniones. “There are new opportunities for everyone, especially income-eligible customers, and we should all remember that using energy wisely and wasting less is one of the easiest ways for anyone to reduce their energy costs and fight climate change.”
CEJA, or the Climate and Equitable Jobs Act, was enacted by Illinois in 2021. It allowed utilities to add to energy efficiency measures such as electrifying space heating, water heating, cooling, drying, industrial processes, and other building end uses that traditionally require fossil fuel. In support of this, ComEd launched a four-year program in 2022 to expand options for income-eligible customers and signaled a commitment to growing energy efficiency offerings for them going forward.
