Although most things are uncertain about the year 2019, electricity customers in Ohio are now able to bet that the price they are paying for power now will be the best electricity rate to come in the next 7 years, the Philadelphia Inquirer reports.
According to the media outlet, FirstEnergy Solutions, an Ohio-based retail energy supplier, recently announced it will begin offering the longest-term fixed rate electric deal since the market opened up to retail suppliers in 2010. While previous fixed rates typically ask for higher prices when fixed for the long-term, FirstEnergy's plan is the best energy rate on the market today, at 7.5 cents per kilowatt hour. This makes it 28.6 percent lower than PECO's current price of 10.5 cents per kilowatt hour.
"You get a good, low price that's not going to change for seven years," said Diane Francis, a spokeswoman for the Akron-based company that is affiliated with FirstEnergy Corp., which owns 10 utilities, including four in Pennsylvania.
The contract is available to customers in Ohio and Pennsylvania, both states that have passed energy deregulation laws that allow customers to shop around for the best electricity rate on the market.