In a move that is intended to make northern Illinois more attractive to expanding and prospective businesses, ComEd has modified a policy that requires some business customers seeking new or expanded electric service to provide an upfront deposit.
Prior to the policy change, under certain circumstances, businesses needing to increase their electric capacity had to pay an upfront deposit to cover costs to install or extend power lines.
The revised policy reduces the amount of that deposit and in some cases, eliminates it altogether. In addition, the change allows for a faster refund of deposited funds when the business achieves its anticipated energy usage.
Now instead of waiting up to 10 years for a deposit refund, business customers can be refunded in half that time as long as certain requirements are met. While this change provides benefits to business customers, continuing to collect these deposits from them maintains protections for the rest of ComEd’s customers.
These policy changes will help to stimulate economic growth and development in northern Illinois and put it on equal footing with surrounding states that have similar policies.