The beginning of June marks the start of summer savings for ComEd customers who signed up for the smart meter-enabled Peak Time Savings program. This year nearly 160,000 ComEd customers are taking advantage of Peak Time Savings - record enrollment since the program began in 2014 - and from June 1 through September 30, program participants who voluntarily reduce energy usage during the Peak Time Savings hours will earn credits that appear in the form of dollars off on their next electric bill.
During the summer of 2016, ComEd will announce Peak Time Savings Hours on days when electricity is most in demand. Peak Time Savings Hours will typically occur for a few hours between 11 a.m. and 7 p.m. on three to five days during the summer. There is no penalty for not participating and customers can still participate in future Peak Time Savings Hours.
More than 52,000 customers saved $385,000 in just a few short hours last summer by reducing their electricity usage during high electric demand periods. ComEd is the first utility in the Midwest to offer this program to customers whose homes have been fitted with a smart meter.
“The Peak Time Savings program is another way our smart meter technology is bringing value to our customers,” said Val Jensen, senior vice president of Customer Operations, ComEd. “Smart meters are at the heart of what we believe will become the electricity network of the future and we will continue to use smart grid technology as a platform to explore innovative solutions to provide customers with reliable electric service and more options on managing their electricity use and costs.”
Customers can voluntarily reduce their electricity use during Peak Time Savings Hours by cutting back on usage, such as doing laundry or running the dishwasher at off-peak times, turning up the A/C a few degrees or turning off lights when leaving a room. Customers can earn a $1 credit on their electric bill for every kilowatt-hour (kWh) of electricity reduced during Peak Time Savings Hours. These credits will appear on their electric bill as actual dollars off the total amount due. This program can help customers save energy and money, while also benefiting the environment by lessening the impact of energy use during high-demand periods.
As part of the Smart Grid Law, ComEd will install more than four million smart meters throughout its service area by the end of 2018. More than 2.3 million smart meters have been installed in homes throughout ComEd’s 11,000-square-mile territory, giving the majority of ComEd customers the opportunity to participate in this innovative program.
While enrollment for the summer 2016 program, which runs June 1 through September 30, is closed, customers are encouraged to sign up for the 2017 season by visiting ComEd.com/PTS. ComEd’s Peak Time Savings program is available to customers who have ComEd as their energy delivery provider, who are not currently participating in Smart Ideas Central AC Cycling and are not on a Net Metering program with ComEd or other electric supplier.