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ComEd Annual Energy Efficiency Investment Proposal Provides Customer Savings

2023-05-26 17:54 ET - News Release

Electric company builds on program that has saved customers more than $7.6 billion


Company Website: https://ComEd.com
CHICAGO -- (Business Wire)

Building on the award-winning ComEd Energy Efficiency Program, which saved customers $176 million on their electric bills in 2022, ComEd today filed a request with the Illinois Commerce Commission (ICC), which regulates the state’s public utilities, to expand energy efficiency investments in support of the Climate and Equitable Jobs Act (CEJA). The filing proposes an increase of $119 million compared to ICC-approved rates that went in effect in January of this year.

In 2022, ComEd’s program helped more than 630,000 customers save more than 11 million megawatt-hours (MWh) of electricity – more than 100% of the annual goal.

“Thanks to CEJA, we are offering a broader range of solutions to help people reduce energy use and costs,” said ComEd CEO Gil Quiniones. “There are new opportunities for everyone, especially income-eligible customers, and we should all remember that using energy wisely and wasting less is one of the easiest ways for anyone to reduce their energy costs and fight climate change.”

The ICC will review ComEd’s request over the next eight months and all costs must be found prudent and reasonable before they are included in customer rates. If approved, ComEd’s request will add approximately 56 cents to the average monthly residential bill beginning in January 2024.

Enacted in 2021, CEJA allowed utilities to add to energy efficiency measures that electrify space heating, water heating, cooling, drying, cooking, industrial processes, and other building and industrial end uses that would otherwise require fossil fuel. In 2022, ComEd launched a four-year program to expand options for income-eligible (IE) customers. These include a $40 million whole home electrification program that enables residents to electrify their homes with HVAC systems, water heating, appliances, and necessary electrical upgrades. The company plans to significantly expand energy efficiency offerings for IE customers as part of its ComEd 2030 vision.

Since 2008, ComEd’s energy efficiency program has saved customers approximately $7.65 billion on their electric bills. It also has helped customers save more than 70 million MWhs of electricity, which is the annual equivalent to removing nearly 60 billion pounds of carbon emissions, taking nearly 6 million cars off the road or powering more than 8 million ComEd customers’ homes.

Energy efficient lighting continued to contribute the most energy and peak demand savings last year – nearly 935,000 MWhs. In second place was voltage optimization (VO), a combination of advanced software, sensors and smart devices, which produced additional energy savings of nearly 180,000 MWhs – equivalent to eliminating more than 127,000 metric tons of carbon emissions. VO monitors and regulates voltage levels, delivering energy savings of up to 2 percent annually for the average ComEd customer.

“The Climate and Equitable Jobs Act distinguishes Illinois as a national leader on energy policy and related investment,” said William Angelos, acting executive director of Midwest Energy Efficiency Alliance (MEEA). “We have a unique opportunity to set new standards for success in energy efficiency and demonstrate its power to manage energy use and costs, create healthy living environments, enhance business performance and create jobs. We are pleased to partner with ComEd and others who are equally committed to achieving these goals.”

Last year, MEEA presented ComEd an Innovation Award for its Multi-Family Energy Savings offering, which gives residents in multi-family buildings access to offerings that lower their energy use and electric bills, while presenting similar options for building owners to make common areas more energy efficient. These programs provide a building assessment, installation of free and discounted energy-saving products in tenant spaces and common areas, incentives for larger capital projects, technical assistance, and, as needed, resolution of health and safety issues. This key offering will continue in 2024.

MEEA also recognized ComEd with an Education Award for its Energy Efficiency Service Provider Incubator program, which has helped increase the number of local and diverse-owned businesses who can provide energy efficiency services to ComEd customers. This effort is funded by CEJA and is part of ComEd’s Market Development Initiative, which has an average annual budget of $4 million over four years.

To make it easier for families and individuals to find energy-efficiency and bill-assistance options, ComEd encourages customers to use its Smart Assistance Manager (SAM),an online self-service tool that matches customers with programs that can help them manage their electric bills now and into the future. Customers can access SAM at ComEd.com/SAM. ComEd customers experiencing difficulty paying their electric bill are encouraged to call ComEd at 1-800-334-7661 (1-800-EDISON-1). More information is available at ComEd.com/PaymentAssistance

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube.

Contacts:

ComEd Media Relations
312-394-3500

Source: ComEd

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