ComEd has decided to waive or reduce the required deposit for new business hookups, hoping to encourage growth. | Courtesy of Shutterstock
ComEd has decided to waive or reduce the required deposit for new business hookups, hoping to encourage growth. | Courtesy of Shutterstock
ComEd is hoping that a new policy change favoring businesses will spur growth and interest across northern Illinois.
The power company recently announced that it will reduce or waive the deposit required for new hookups and service expansions for business customers. Businesses will also be eligible to receive their deposits back after five years once they meet their anticipated energy consumption, cutting the wait time in half from the current 10-year turnaround time.
“ComEd is helping to drive greater economic development in Illinois through our smart grid program, and we believe this change also will help to further the state’s competitive edge and bring more business to our region,” ComEd President and CEO Anne Pramaggiore said. “The ability to attract major companies, including manufacturers and data centers, will result in the addition of high-paying jobs, a talented labor force and increased tax revenue generation for Illinois and our municipalities.”
The deposits will be waived altogether for projects costing less than $250,000.
Local business leaders praised the move as a boon to the local economy.
“This is a great day for business in Illinois,” Mike Lane, executive director of the Illinois Economic Development Association, said. “By taking this step, ComEd is demonstrating its full commitment to economic expansion in the region by reducing a potential barrier to new investment and new jobs and making economic development more affordable for all small and large businesses.”
ComEd provides electricity services to 70 percent of energy customers in Illinois.
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