New law caps early termination fees for alternative power suppliers

SPRINGFIELD — A new law limits what alternative electricity suppliers can charge you for ending your contract early.
Residential customers will pay a maximum exit fee of $50, while  the fee for businesses will be capped at $150.
Jim Chilsen, spokesman for the Citizens’ Utility Board, says these fees have become a more common complaint about alternative suppliers, with one small business needing help avoiding a $894 charge.
“This is good news for consumers,” Chilsen said. “Time after time, we’ve seen consumers threatened with outrageous exit fees, and that’s really bad for building a healthy power market in Illinois.”
If you’re a ComEd or Ameren customer, this isn’t a concern, as those companies don’t charge exit fees.
The law goes into effect immediately.