Understanding Dynamic Electricity Pricing
How to Track ComEd Prices and Save Money
If you've ever wondered why your electricity bill fluctuates so much month to month, you're likely seeing the effects of dynamic electricity pricing. With Illinois electric prices spiking recently, understanding how these rates work is the first step toward actually lowering your bill.
What is Dynamic Electricity Pricing?
Most people are on fixed-rate plans where you pay the same price per kilowatt-hour (kWh) regardless of when you use it. Dynamic pricing is different. It means your rates change throughout the day based on how much electricity is being used across the whole grid.
It works a lot like surge pricing for Uber. When demand is high, prices go up. When demand is low, prices drop. The advantage with electricity is that these patterns are fairly predictable, so you can adjust your habits and save money without much effort.
Typical Daily Price Pattern
12am-6am
Low
6am-2pm
Medium
2pm-7pm
Peak
7pm-10pm
Medium
10pm-12am
Low
Prices are typically lowest late at night and highest during afternoon peak hours
ComEd's Dynamic Pricing Programs
ComEd offers two main dynamic pricing programs for customers in northern Illinois:
1. Hourly Pricing
With ComEd Hourly Pricing, you're billed based on the actual market price of electricity for each hour of the day. Prices update every hour and reflect real-time wholesale market conditions.
Key Features:
- Prices change every hour
- Can see next-day prices in advance
- Average savings of 15% for active participants
- No enrollment fees or penalties for leaving
- Required for the ComEd EV Charger Rebate
Best for: People with flexible schedules who can shift energy-intensive activities like laundry, dishwashing, or EV charging to low-price hours.
2. Time-of-Day Pricing
This program divides each day into three predictable time periods with set rates:
Best for: People who want simpler, more predictable pricing and can avoid using high-energy appliances during the 2-7pm window.
How to Track ComEd Live Prices
If you're on Hourly Pricing or considering it, tracking current ComEd prices in real-time is essential for maximizing your savings. Here are the best ways to monitor prices:
1. ComEd's Official Live Prices Page
ComEd provides a free online dashboard showing current hourly prices, day-ahead forecasts, and historical data. This is great for checking prices manually throughout the day.
2. ComEd Mobile App
The official ComEd app includes features for Hourly Pricing participants, including price alerts and usage tracking on your phone.
3. Third-Party Price Trackers (Like Electrac!)
Services like Electrac provide enhanced features including:
- Real-time price updates every 5 minutes
- Custom SMS alerts when prices cross your thresholds
- 30-day historical charts to identify patterns
- Simple, mobile-first interface
10 Practical Tips to Save Money on Electricity
Whether you're on dynamic pricing or a fixed-rate plan, these strategies can help reduce your electricity costs:
1. Shift High-Energy Activities to Off-Peak Hours
Run your dishwasher, washing machine, and dryer late at night or early in the morning when electricity prices are lowest. Set timers or use delay-start features on appliances.
2. Charge Electric Vehicles Overnight
EVs use significant electricity. Charging between 10pm-6am can save you 60% compared to peak hours. Plus, if you install a smart charger, you may be eligible for a ComEd rebate of up to $2,500.
3. Pre-Cool Your Home Before Peak Hours
In summer, lower your AC temperature a few degrees in the morning, then raise it during the expensive 2-7pm window. Your home will stay comfortable while using less peak-priced electricity.
4. Use Smart Plugs and Automation
Smart plugs cost $10-20 and let you schedule when devices turn on/off. Automate pool pumps, water heaters, or space heaters to run only during cheap electricity hours.
5. Monitor Your Usage Patterns
Check your ComEd account or use a home energy monitor to identify which appliances use the most electricity. Focus your cost-saving efforts on the biggest consumers.
6. Upgrade to Energy-Efficient Appliances
ENERGY STAR appliances use 10-50% less energy than standard models. While there's an upfront cost, the long-term savings—especially combined with dynamic pricing—can be substantial.
7. Seal Air Leaks and Add Insulation
Your HVAC system is likely your biggest energy user. Proper insulation and sealed windows/doors can reduce heating and cooling costs by 15-20%.
8. Use LED Lighting
LED bulbs use 75% less energy than incandescent bulbs and last 25 times longer. Replace your most-used lights first for the quickest return on investment.
9. Unplug Phantom Energy Drains
Devices like TVs, game consoles, and phone chargers draw power even when "off." Phantom loads can add 5-10% to your bill. Use power strips to easily cut power to multiple devices.
10. Set Up Price Alerts
If you're on Hourly Pricing, get notified when prices are unusually high or low. This helps you avoid running appliances during price spikes and take advantage of cheap electricity when available.
Is Dynamic Pricing Right for You?
Dynamic pricing isn't for everyone. Consider these factors:
✓ Good Fit If You:
- • Have a flexible schedule
- • Can shift major appliance use to off-peak hours
- • Are comfortable monitoring prices regularly
- • Own an electric vehicle
- • Have smart home automation
- • Are willing to adjust habits for savings
✗ Maybe Not If You:
- • Work from home during peak hours
- • Have medical equipment that runs 24/7
- • Prefer consistent, predictable bills
- • Can't easily shift your energy usage patterns
- • Don't want to think about electricity prices
- • Have young children with inflexible schedules
Pro tip: ComEd's Hourly Pricing program has no enrollment fees or exit penalties. You can try it for a few months and switch back to a fixed rate if it doesn't work for your lifestyle.
Real-World Savings Example
Let's look at a practical example of how dynamic pricing can save money:
The Johnson Family: EV Owner on Hourly Pricing
Before Hourly Pricing: The Johnsons charged their EV whenever they got home around 6pm (peak hours). They drive their EV about 1000 miles per month, using about 300 kWh of electricity.
Cost at fixed rate of 7¢/kWh: $21/month
After switching to Hourly Pricing: They set their EV to charge between 11pm-5am when prices average 3¢/kWh.
Cost at off-peak rate: $9/month
Monthly savings: $12
Annual savings: $144
And that's just from shifting EV charging! They save even more by running their dishwasher and doing laundry at night.
Getting Started with ComEd Dynamic Pricing
Ready to give dynamic pricing a try? Here's how to get started:
- Review your current usage: Log into your ComEd account and look at when you typically use the most electricity. If you already use a lot of power at night, you're in great shape.
- Choose a program: Decide between Hourly Pricing (more flexibility, more engagement) or Time-of-Day Pricing (simpler, more predictable).
- Enroll online: Visit ComEd's website or call to enroll. The process takes just a few minutes and you can start within 1-2 billing cycles.
- Set up price tracking: Use ComEd's tools or a third-party service like Electrac to monitor current prices and set up alerts.
- Start shifting your usage: Begin with easy wins like delaying your dishwasher or scheduling EV charging. As you get comfortable, optimize further.
- Monitor your savings: Check your bill after the first month to see how you're doing. Most people see savings right away, and they grow as you optimize your habits.
The Bottom Line
Dynamic pricing doesn't have to be complicated. The core idea is simple: use electricity when it's cheap and avoid it when it's expensive. Most Chicago households can save between 10-25% on their bills just by making a few small adjustments to when they run big appliances.
The hardest part is actually knowing what the price is at any given moment. That's why we built Electrac. We give you real-time visibility into current ComEd prices and send you alerts so you can take the guesswork out of your energy bill.
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