Around 70 percent of voters approved the electric aggregation referendum, authorizing the Village of Libertyville to seek cheaper electricity supply for residential and commercial retail customers who have not opted out of the program.
“There was no downside for residents, the whole idea is to help residents save money, so that to me, was ‘Why wouldn’t you?” Mayor Terry Weppler said.
The village will be holding public hearings and work with Northern Illinois Municipal Electric Collaborative to prepare bids as soon as Commonwealth Edison releases electricity supply rates.
“We hope to start the program some time in fall,” Weppler said.
After the State of Illinois deregulated energy markets, Illinois residents and small businesses can already choose a new electric supplier on their own, and these companies advertise savings in the range of 10 percent to 12 percent compared to current Commonwealth Edison rates.
With the approved referendum, the village will be able to negotiate rates with selected energy supplier with greater savings, according to village documents.
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Based on a review of village electric load volumes, NIMEC estimate savings for the average resident could be $233 per year, according to village documents.
Libertyville residents who wish to still receive their electricity supply from Commonwealth Edison can still do so by opting out of the program.