Ohio electric rates are based on the energy market, and as the nation’s first deregulated state, ohio electric companies consumers have the ability to choose their supplier. This has allowed companies to offer competitive energy plans and rates that are regulated and approved by the Public Utilities Commission of Ohio. Consumers can use online websites and tools to easily compare the available energy suppliers in their area. This apples-to-apples approach makes it easy to find the best ohio electricity supplier for their needs and budget.

Depending on the energy plan type, customers can choose between a fixed rate or a variable rate. A fixed rate offers the stability of a set price for an agreed-upon term length. Variable rates fluctuate with the energy market, reflecting a combination of factors including supply and demand. Changing energy markets have caused significant shifts in pricing over the last year, with prices up due to inflation, natural gas and global events such as the war in Ukraine.

Many energy companies provide options for renewable or green energy. Those energy sources are produced using natural resources or replenished processes, like wind, solar and hydro. These plans often come with higher per-kilowatt-hour rates than a standard generation supply. However, a customer may be able to save on their electric bills by choosing the right plan for their budget and energy needs.

Another option is to join a government energy aggregation, like NOPEC. These aggregators bundle the buying power of their group to negotiate the lowest Ohio electric rates on behalf of their community members. Currently, more than 240 communities in the state participate in NOPEC and can leverage their collective buying power to help lower energy costs. Residents can either opt-in or opt-out of the aggregation program.

In addition to offering competitive Ohio electricity rates, the state also has an extensive network of alternative retail electricity suppliers. These Ohio alternative energy suppliers can offer a variety of electricity and gas plans, including fixed or variable rates and green energy options. The Ohio Energy Choice Association curates a list of Ohio energy suppliers and their rates to help shoppers compare options for their home or business. The website allows consumers to enter their zip code and current utility bill to see a list of the current offers in their region.

Energy choice can be confusing, and it’s important to understand the terms and conditions of any plan before signing up. Taking advantage of the Ohio electricity market can save consumers money, but it’s important to carefully review energy plans and their corresponding rates before making a decision. If you need help comparing rates, Arbor’s free TrueRate Protection service is an excellent resource. The service automatically finds the lowest Ohio electricity rates for your home or business and switches to that provider when your current contract term expires. This ensures you never pay more than the cheapest ohio electricity rates. You can learn more about this program and sign up for free today at www.ArborEnergy.com/TrueRate.