Skip to content
Ohio Energy Rate graphic

Will Energy Rates Be Decreasing?

While the rest of the U.S. is bracing for peak summer energy expenses, Ohioans will be sighing in relief. Why exactly? Because the Public Utilities Commission of Ohio (PUCO) just announced a major drop in Ohio Utility energy rates. As of June 1st, 2024, Ohio energy consumers that pay their utility’s standard service offer (SSO), or default rate, will see their bills decrease by an average of 24%.  

Why is Ohio Going to See Such a Significant Rate Drop?

In Ohio, the four public utility companies compete in an annual auction to determine their standard service offer (SSO). On April 3rd, PUCO presented the results of the 2024 auction, indicating double-digit pricing decreases for Ohio utilities. Ohio’s federal energy advocate, Sarah Parrot, announced that this is the largest annual decrease in rates since 2009.

What Can Ohio Energy Consumers Expect?

Electric rates are expected to drop 24% on average for electric kilowatt costs compared to last year. These rates will be reflected on Ohio energy bills starting June 1, 2024. It’s important to note that each utility has a different change in rate. AEP Ohio customers will see the largest decrease (33%) whereas AES Ohio customers will see a more moderate decrease of 17%. FirstEnergy, including their subsidiaries, along with Duke Energy will notice more moderate decreases, respectively.  

Expected June 1st price drops by Ohio utility

  • AEP Ohio: 33% price drop from 10.3¢ per kWh in 2023 to 6.9¢ per kWh in 2024 
  • FirstEnergy: 27% price drop from 10.1¢ per kWh in 2023 to 7.4¢ per kWh in 2024 
  • AES: 17% drop from 9.6¢ per kWh in 2023 to 8¢ per kWh in 2024 
  • Duke Energy: 18% drop from 8.9¢ per kWh in 2023 to 7.3¢ per kWh in 2024 
PUCO energy rates by utility

How Does This Differ from Historic Summer Energy Pricing Trends?

Ohio’s double-digit decreases do not align with typical summer energy pricing trends. In fact, consumers usually experience the opposite during peak summer months! Typically, energy bills climb with scorching summer temperatures, due to increased air conditioning usage. Historically, peak summer energy demands result in higher energy rates and costly electric bills. However, this summer, Ohio residents won’t break a sweat when opening their electric bill. 

Other Methods to Lower Summer Electric Bills

Whether your SSO is decreasing or not, there are many methods to help lower summer electric bills. It’s possible for businesses to save up to 30% on energy bills by prioritizing energy conservation and low-cost upgrades. Simple upgrades and operational changes can bolster your Ohio business’s energy savings this summer. 

Energy-saving techniques to reduce summer electricity bills 

  • Install a Programmable Thermostat: Save up to $180/year on energy expenses by using a programmable thermostat. Program it to 78°F during the day and 85°F or off after business hours for maximum summer savings while prioritizing comfort. 
  • Seasonal HVAC Maintenance: Heating and cooling account for nearly half of a building’s energy consumption. Prepare for peak A/C usage with routine summer maintenance. Regular maintenance improves cooling performance and improves longevity. 
  • Supplement A/C with Fans: Reduce strain on your A/C unit by using ceiling or stand-alone fans. Rotate ceiling fans counterclockwise to create a cooling air flow. 
  • Upgrade to LED Lighting: LED lighting is up to 90% more efficient than traditional incandescent lights. Furthermore, they produce significantly less heat and last up to 25 times longer, reducing strain on your HVAC and mitigating maintenance costs.  
  • Leverage Landscaping: Use indoor and outdoor plants as a method to lower cooling expenses. Outdoor landscaping reduces heat gain through direct sun exposure. Indoor plants act as natural humidifiers and purifiers, contributing to better climate control. 

Ohioians Should Act Now to Lock-In Hot Summer Energy Rates!

With low Ohio energy rates on the horizon, it’s a great time to consider locking in a fixed rate business energy plan to maximize savings! Integrity Energy’s commercial energy brokers have their finger on the pulse of the energy market. Request a free quote to leverage their industry expertise and receive the most cost-effective commercial energy plans on the market. A summer season of savings awaits!