{"id":903,"date":"2020-02-10T11:21:16","date_gmt":"2020-02-10T17:21:16","guid":{"rendered":"http:\/\/www.paenergyratings.com\/blog\/?p=903"},"modified":"2020-02-10T11:21:16","modified_gmt":"2020-02-10T17:21:16","slug":"pa-ptc-electricity-rates-falling-in-march","status":"publish","type":"post","link":"https:\/\/www.paenergyratings.com\/blog\/pa-ptc-electricity-rates-falling-in-march\/","title":{"rendered":"PA PTC Electricity Rates Falling in March"},"content":{"rendered":"
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With both PTC rates and natural gas rates dropping in time for the spring shoulder months, there’s no telling how low PA retail electricity suppliers might push their rates! Find out if it’s the best time to shop for the cheapest priced plans!<\/em><\/center><\/figcaption><\/figure>\n

Cheaper Electricity Prices Projected for March 2020<\/h2>\n

Individuals\u00a0fear high electricity bills<\/a> in the wintertime as cold weather means\u00a0more heat being used to keep warm. However, electricity bills have been lower than expected this winter due to the less-than-frightful weather. Even better, local electricity utilties are going to\u00a0offer lower electricity rates starting\u00a0March 1. So, why will electricity prices be lower in March and when is a good time to switch plans?<\/p>\n

Why the Cost of Electricity Will Decrease<\/h3>\n

Interestingly enough, the coming price reductions are odds to what the Pennsylvania Public Utility Commission (PUC)<\/a>\u00a0previously reported. In fact, the prices to compare (PTC) offered by electricity distributors increased on December 1, 2019. The PTC price rose so high that\u00a0one company saw an increase of 24%! Things looked so bad by mid-December that the PUC stated <\/a>that customers might endure sticker shock during the winter months if they didn’t switch to a competitive supplier’s plan.<\/p>\n

What a difference a month makes.\u00a0Electricity prices\u00a0now look likely to decrease\u00a0due to\u00a0a natural gas surplus. The natural gas prices\u00a0have fallen to less than\u00a0$2.00\/MMBtu,\u00a0which is a rate that\u00a0hasn’t\u00a0been seen since March 2016. As natural gas supplies increase, the price of natural gas will decrease. And, because more electricity is generated by burning natural gas, when those natural gas prices decrease, electricity costs also decrease.<\/p>\n

Another reason for this imminent\u00a0decrease in price\u00a0is\u00a0due to\u00a0the less-than-wintry weather we are experiencing\u00a0lately. The more mild a winter, the less electricity customers use to help heat their homes. This means customers will likely see lower electricity bills. And with customers using less, lower demand will reduce all Pennsylvania electricity rates<\/a>.<\/p>\n

When You Should Switch Electricity Providers and Plans<\/h3>\n

The “shoulder months” occur in the fall and spring and\u00a0are the best time to switch plans. You should start reviewing electricity plans in March since the new lower rates will go into effect March 1.\u00a0For example, FirstEnergy Pennsylvania just filed\u00a0new tariffed residential PTC rates<\/a> with Pennsylvania’s PUC. If approved, the rates will\u00a0be effective\u00a0March 1, 2020, and run through May 31, 2020.\u00a0The proposed rates are:<\/p>\n