Vernon Hills Residents See Electric Aggregation Savings
Libertyville residents will start seeing the cost savings on their September bills.
Residents in Vernon Hills saw a total savings of just over $241,000 during the first month of the village's electric aggregation program.
Village Manager Mike Allison added that a resident in Gregg's Landing reported saving $100 already.
Vernon Hills, along with Arlington Heights, Buffalo Grove, Lincolnshire, Long Grove, Palatine and Wheeling, formed a consortium and entered into an agreement with Integrys Energy Services, Inc. to save about 42 percent on electric rates. The price reduction refers to the electricity supply portion of the bill only, not the cost of delivery. The villages secured a rate of 4.775 cents per kilowatt hour.
Trustee Thom Koch pointed out that the move actually costs the village. As Allison explained, the village loses the utility tax on the money that's saved by residents, therefore the village didn't collect taxes on the $241,132 cost savings.
"This was strictly done as a savings to the residents," said Koch.
Libertyville Residents to See Savings Soon
Meanwhile, Libertyville residents should expect to see their savings starting on the September bills.
Libertyville trustees voted May 7 to enter into a contract with FirstEnergy Solutions Corp. to supply electricity to residents at a rate that is 44 percent lower than that offered by ComEd. The rate negotiated with FirstEnergy will be 4.75 cents per kilowatt hour for the two-year contract.
Mayor Terry Weppler told trustees at their Aug. 14 meeting that just 1.4 percent of residents decided to voluntarily opt out of the aggregation program.