ComEd Adds $9 Million in Bill Assistance and Extends Payment Plans to Help Customers Struggling with Electric Bills

Rhea-AI Summary

ComEd is enhancing its financial assistance efforts by increasing funding by $9 million to aid Illinois families adversely impacted by the COVID-19 pandemic. The Illinois Commerce Commission has approved a comprehensive support package that includes enhanced payment options and reconnection programs for eligible customers. Key initiatives include one-time bill credits of up to $500, extended payment arrangements spread over 18 months, and reconnection assistance requiring only 25% of outstanding balances. The initiatives aim to stabilize customer financial situations during ongoing economic challenges.

Positive

• Increased financial assistance funding by $9 million.
• One-time bill credits of up to $500 for eligible customers.
• Extended payment plans allowing outstanding balances to be paid over 18 months.
• Service reconnection assistance for customers who had their service disconnected.

Negative

• None.

Recognizing that many Illinois families continue to be adversely affected by economic challenges resulting from the COVID-19 pandemic, ComEd is increasing financial assistance funding by $9 million to help customers regain their financial footing.

ComEd worked with the Illinois Commerce Commission staff, the Office of the Illinois Attorney General, other large Illinois gas and electric utilities and a broad group of consumer advocates to develop a comprehensive support package to help residential customers through the continued challenges of the pandemic. The package, which the Illinois Commerce Commission unanimously approved earlier today, also includes enhanced payment arrangement options, and special reconnection programs for eligible customers. Each of these programs will be offered for a limited time.

“The new programs being offered today extend our ongoing efforts to help customers get to a place of stability,” said ComEd CEO Joe Dominguez. “Even before the pandemic hit, ComEd provided customers with the support they needed and worked with community organizations to generate awareness amongst customers who need help the most. In 2020, we connected customers to a record more than $75 million in financial assistance and supported more than a quarter million customers with stabilizing grants.”

Limited time, financial assistance options

• ComEd Bill Payment Assistance Program. In April 2021, ComEd will increase the amount of funds available to provide more one-time bill credits of up to $500, while funds are available. These credits are for eligible residential customers who have outstanding balances or who are looking to reconnect their electric service.
• More Flexible Payment Arrangements. Through June 30, 2021, ComEd is offering extended payment arrangement plans to eligible households, which allows customers to spread outstanding balances over 18 monthly installments with no money down. Eligible residential customers facing financial hardship who enroll in an 18-month, no money down payment plan will be exempt from disconnection through June 30, 2021. All other eligible residential customers with outstanding balances can enroll in an 18-month payment plan with a 10-percent down payment through June 30, 2021.
• Service Reconnection Assistance. Through July 10, 2021, eligible households that had electric service disconnected for a non-safety reason in 2021 can have their service reconnected by providing only 25 percent of their outstanding balance. Any remaining outstanding balance will be rolled into an 18-month, no-money-down payment plan.

Additional financial assistance options

The ComEd CARE programs also offer a range of financial-assistance options, while funding is available, to help eligible customers pay their electric bills. There are programs available for residential, small-business customers and nonprofit organizations, as well as activated and deployed members of the U.S. Armed Forces, National Guard, Reserves and honorably discharged veterans.

Any customer experiencing a hardship or difficulty with their electric bill should call ComEd immediately at 1-800-334-7661 (1-800-EDISON1), Monday through Friday from 7 a.m. to 7 p.m. to learn more on how to apply. Information on each of these options, along with eligibility requirements, can be found at ComEd.com/PaymentAssistance.

ComEd also offers usage alerts and energy-management tips to help customers manage energy use to save money now and on future electric bills. For information, visit ComEd.com/OnlineTools.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 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.

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FAQ

What new financial assistance programs has ComEd introduced in 2021?

ComEd has introduced various programs including increased one-time bill credits of up to $500, extended payment arrangements over 18 months, and service reconnection assistance requiring only 25% of outstanding balances.

How much is ComEd increasing its financial assistance funding by?

ComEd is increasing its financial assistance funding by $9 million to support customers in need.

What is the deadline for ComEd's new payment arrangement options?

The new extended payment arrangement options are available until June 30, 2021.

How will the new assistance programs help customers?

The programs aim to provide financial relief and assistance during the ongoing economic challenges due to the COVID-19 pandemic.

What is ComEd's role within Exelon Corporation (NASDAQ: EXC)?

ComEd is a unit of Exelon Corporation, serving over 4 million customers and representing 70% of Illinois' population.