Village Moving Foward to Find Lower Electricity Rates

The village held its first public hearing to answer any questions that the public had regarding the April ballot referendum that gave the village authority to seek lower, aggregated electricity rates for residents.

About 60 percent of voters favored the referendum on Election Day, and now the village will work with the Northern Illinois Municipal Electric Cooperative to educate residents and find the best option for the village.

This has been an option for Illinois residents to do on their own since 1997, when electricity was deregulated, but few have done it. This year, municipalities were allowed to seek aggregated prices for the entire village, and NIMEC Director David Hoover said he anticipates this could lower electricity rates for residents by 15-20 percent, or about $125 per year.

Mayor Tim Baldermann mentioned that since the village passed the referendum, electricity providers have been advertising and contacting residents to get them to switch to their service. But Baldermann clarified that those providers are independent from the village’s agreement and that residents are more likely to get better rates in the aggregation than doing it on their own.

“Because we are aggregating a larger mass, the providers have been a lot more competitive to offer lower rates,” Hoover said.

Another public hearing will begin next Monday’s meeting for any residents who have questions. The board meets at 7 p.m. on the second floor of .

For more information, read our previous coverage:

VIDEO: Village Board Holds Q&A on Electricity Referendum