Maryland Electricity: The Rising Costs You Can't Ignore

08/20/2024
Maryland Electricity: The Rising Costs You Can't Ignore

Maryland Electricity: The Rising Cost You Can't Ignore

How Skyrocketing Rates Are Impacting Your Wallet and What You Can Do About It

As Maryland residents brace for significant increases in electricity rates, understanding the reasons behind these hikes and exploring ways to mitigate their impact is essential. With prices expected to climb even higher in 2025, it’s more important than ever to take control of your energy expenses.

Current Electricity Rates in Maryland

As of August 2024, the average cost of electricity in Maryland is around 14.31 cents per kilowatt-hour (kWh), though this varies depending on your location and provider. Rates currently range from 9.2 cents to 22.29 cents per kWh. This variability underscores the importance of staying informed about your options and making smart choices to reduce your electricity bills.

Why Are Electricity Rates Rising?

Several factors are driving the anticipated rise in electricity rates in Maryland:

  • PJM Interconnection's Capacity Auction: PJM Interconnection, which manages the electric grid across Maryland, recently held its capacity auction for the 2025/2026 period. This resulted in a substantial price increase, potentially leading to electricity bill hikes of 2% to 24%, depending on your location.

  • BGE's Multi-Year Rate Plan: Baltimore Gas & Electric (BGE) has proposed a multi-year rate plan that could add about $18 per month to the average household’s bill starting in June 2025—equating to approximately $216 more per year.

  • PEPCO's Planned Rate Hike: PEPCO, which serves parts of Maryland and Washington, D.C., is also expected to increase rates next year due to infrastructure upgrades and regulatory compliance. Maryland’s deregulated energy market allows you to choose your electricity provider, and by comparing rates, you can find a plan that fits your needs and budget. Retail energy providers often offer competitive rates and renewable energy options.

How Can You Manage Rising Energy Costs?

While these rate increases are concerning, there are actionable strategies Maryland residents can use to reduce their electricity bills:

Additional Energy-Saving Tips

  • Unplug Unused Devices: Reduce energy waste by unplugging electronics and chargers when not in use.

  • Weatherize Your Home: Sealing your home with weather stripping or caulking around doors and windows prevents drafts, maintaining a consistent indoor temperature and reducing heating and cooling costs.

  • Adjust Your Thermostat: Lowering your thermostat in the winter and raising it in the summer can significantly reduce energy usage without sacrificing comfort.

  • Manage Your Blinds: Use natural sunlight to your advantage—open blinds during the day in winter to let in warmth and keep them closed during the hottest parts of the day in summer to maintain a cooler home.

  • Switch to LED Bulbs: LED bulbs use less energy and last longer than traditional incandescent bulbs, making them a cost-effective way to reduce electricity use.

Take Action Today

As electricity rates in Maryland continue to rise, it’s crucial to explore all available options to reduce energy costs. By participating in Community Solar, considering Residential Solar, exploring rates, and adopting energy-saving practices, you can take control of your electricity expenses.

For more information or to learn about community solar and available rates, call 1 (855) 787-2253.

Dave's Energy Solutions, your local and trusted independent energy advisor, is here to help you navigate these changes and find the best solutions to meet your energy needs. By adopting these strategies, you can ensure your household is prepared for the future while contributing to a more sustainable and energy-efficient world.

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