ComEd Urges Customers to Take Advantage of Millions of Dollars in LIHEAP, ComEd Bill-Assistance Programs

Rhea-AI Summary

ComEd, in partnership with community agencies, has made $80 million in grants available to 186,000 customers so far this year. The company is urging customers to take advantage of the Low Income Home Energy Assistance Program (LIHEAP) and ComEd's own bill-assistance programs. LIHEAP is now accepting applications, prioritizing vulnerable groups until November 1, when all income-eligible households can apply.

ComEd offers various support options, including payment arrangements, budget billing, deposit waivers, and energy-efficiency programs. In 2022, ComEd connected over 198,000 eligible customers to more than $94 million in financial assistance. The company's Smart Assistance Manager (SAM) tool helps customers find programs they may qualify for at ComEd.com/SAM.

Positive

• ComEd has provided $80 million in grants to 186,000 customers in 2023
• ComEd connected over 198,000 customers to $94 million in financial assistance in 2022
• ComEd offers various bill-assistance options and energy-efficiency programs
• The company launched Smart Assistance Manager (SAM) tool to help customers find eligible programs

Negative

• None.

Insights

Energy Policy Expert

ComEd's proactive approach to customer assistance is commendable but unlikely to significantly impact Exelon's bottom line. The $80 million in grants distributed this year, while substantial, represents a small fraction of ComEd's revenue. However, this initiative aligns with broader industry trends towards customer-centric policies and energy affordability.

The expansion of LIHEAP eligibility to 200% of federal poverty guidelines could increase participation, potentially reducing bad debt expenses for ComEd. The introduction of the Smart Assistance Manager (SAM) tool demonstrates a shift towards digital customer engagement, which may improve operational efficiency in the long term.

While these programs are positive for public relations and regulatory compliance, they are unlikely to materially affect Exelon's financial performance or stock price. Investors should view this as a continuation of ComEd's customer service strategy rather than a market-moving event.

ComEd, partnering agencies have already made $80 million in grants available to 186,000 customers so far this year, now new federal funding is available

CHICAGO--(BUSINESS WIRE)-- Following the state of Illinois’ launch of the new application period for the Low Income Home Energy Assistance Program (LIHEAP), a federal energy-assistance program, ComEd reminds customers that the energy company also offers a wide-range of support options to compliment these grants and help customers of all income levels.

“ComEd continues to work in collaboration with community agencies across northern Illinois to support our most vulnerable customers and connect them to billing assistance options to help make their monthly energy expenses more affordable,” said Melissa Washington, Senior Vice President of Customer Operations and Strategic Initiatives at ComEd. “With the launch of a new LIHEAP program cycle, it’s a good time to encourage customers to not only take advantage of federal funds but look into ComEd’s own energy-saving and bill-assistance offerings, and self-service apps to help them stay current on utility bills year round.”

Beginning today, LIHEAP is prioritizing acceptance of grant applications for customers most in need of assistance including: adults aged 60 and older, families with a disabled family member who receives Social Security or VA Disability benefits, families with children 5 years old and under, and people who have been disconnected or may face imminent disconnection. Beginning Nov. 1, all other income-eligible households can apply.

Every year, LIHEAP accepts applications for one-time payments made directly to energy service providers on behalf of recipients. To qualify, an income-eligible household’s gross income 30 days prior to application cannot exceed 200 percent of the federal poverty income guidelines. For a family of four, that is $5,200 a month or $62,400 a year. Homeowners, renters and subsidized housing tenants are also eligible to apply for assistance. Families and individuals do not have to be behind on their bills to receive a LIHEAP grant. Eligibility details and online Request for Services form are available at helpillinoisfamilies.com.

“CEDA is committed to ensuring that Cook County residents have access to utility bill assistance and, with the launch of our new online application, we're making it easier than ever for households to apply for help,” said Latoya Butler, Vice President of Energy Services for the Community and Economic Development Association of Cook County, Inc. (CEDA), one of the agencies that administers LIHEAP and other utility assistance programs in Cook County. “This new platform reflects our dedication to streamlining the process, allowing more families to receive the support they need quickly and efficiently.”

ComEd bill-assistance options

Last year alone, ComEd connected more than 198,000 eligible customers to over $94 million in financial assistance and other support options. Through August of this year, the energy company already helped connect over 186,000 customers to $80 million in support. Some of this occurred during ComEd’s nationally recognized Powering Lives Resource Fairs, which collaborated with community organizations to identify and deliver services that local families could use the most. The growing suite of bill assistance options ComEd makes available to customers includes:

• Payment arrangements of up to 12 months for eligible residential customers with past-due balances. Make a down payment on the amount owed and pay the rest through installments in addition to your regular monthly bill.
• Budget billing, which provides a predictable monthly payment based on your electricity usage from the last 12 months.
• Deposit and late-payment charge waivers for one year to income-eligible customers, along with the return of any current deposit.
• High-usage alerts, which enable customers to receive alerts when their usage is trending higher than normal to help manage overall energy use, and energy-management tips to help customers manage energy use to save money now and on future energy bills.
• Energy-efficiency offerings, including services and incentives designed to help income-eligible residential customers reduce energy use now and in the long term.

To make it easier for customers to sort through these and other bill-assistance options and energy-efficiency programs, ComEd offers its Smart Assistance Manager (SAM) at ComEd.com/SAM. SAM is an online self-service tool that can match customers with the programs for which they may qualify.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 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, Instagram, LinkedIn, X, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241001519706/en/

ComEd Media Relations

312-394-3500

Source: ComEd

FAQ

What is the income eligibility for LIHEAP assistance from ComEd (EXC)?

To qualify for LIHEAP assistance from ComEd (EXC), a household's gross income 30 days prior to application cannot exceed 200% of the federal poverty income guidelines. For a family of four, this is $5,200 a month or $62,400 a year.

When can all income-eligible households apply for LIHEAP through ComEd (EXC)?

All income-eligible households can apply for LIHEAP through ComEd (EXC) starting November 1, 2023. Prior to this date, applications are prioritized for vulnerable groups such as seniors, families with young children, and those facing disconnection.

How much financial assistance did ComEd (EXC) provide to customers in 2022?

In 2022, ComEd (EXC) connected more than 198,000 eligible customers to over $94 million in financial assistance and other support options.

What is the Smart Assistance Manager (SAM) tool offered by ComEd (EXC)?

The Smart Assistance Manager (SAM) is an online self-service tool offered by ComEd (EXC) that matches customers with bill-assistance options and energy-efficiency programs for which they may qualify. It can be accessed at ComEd.com/SAM.