Compare Electricity Rates in Maryland (2023)

How Do Maryland Electricity Prices Compare Based On Provider Company?

Below, we show a breakdown of energy plans offered by producers regulated by the Maryland Public Service Commission. As an environmentally friendly website, we strongly encourage choosing a plan that pulls from 100% renewable energy, so we only include clean energy plans in our breakdown.

How Do You Find the Best Electricity Rates in Maryland?

It may seem straightforward to find the best energy rates in Maryland, but the process is a bit more complicated than simply selecting the energy plan with the lowest cost per kilowatt-hour. Your energy usage and contract length can affect how much you pay long-term and how beneficial the plan is for you and your home.

Your Energy Usage

First, you’ll want to consider how much energy you use, as many electric suppliers have tiered energy plans. Tiered plans charge a standard rate to customers who use an average amount of electricity, while those using less than average and those using more than average tend to pay more. If you use around the average amount of 973 kWh per month in Maryland, a tiered plan might be a good fit, but if you use much less or much more, a different option might be better and save you more in the long run.

You might also want to consider when you consume electricity most. Some energy suppliers offer time-of-use (TOU) electric plans, which means every customer gets charged the same amount for energy based on the time of day or night it’s consumed. If you find yourself using power more during off-peak hours, a TOU plan could save you money.

Your Contract Length

Your contract length is how long you’ll be locked into the plan, so it is worth your consideration. Maryland power plans have terms ranging from just one month to a few years, with longer plans generally bringing better rates and lower overall prices. But just because these plans offer lower energy prices does not mean they are right for every Maryland homeowner.

For instance, if you rent and do not plan to stay in your home for very long, it may not be best to commit to a 24 or 36-month contract even if the rates are at a better price. In this case, it may be better to sign a 12 or 6-month contract so that you don’t find yourself paying hefty cancellation fees. Some additional things to consider when comparing contract lengths include:

• Early-termination fees
• Cancellation fee
• Enrollment or sign-up fees generally reserved for shorter terms
• New-customer or introductory rates that will increase part way through your contract

If you are ready to find the best electricity provider for your home, check out our top Maryland energy companies below.

Great Regional Provider

4/5

Wide variety of contract term optionsWide variety of contract term options

Get Quotes

Great Regional Provider

4/5

Many years of experienceGreat industry reputation

Get Quotes

Great Regional Provider

4/5

Low ratesLow number of customer complaints

Get Quotes

What Types of Electricity Plans Are Offered in Maryland?

Energy plans often include industry lingo that makes it hard for homeowners to choose the plan that best suits their energy needs. Below, we’ll explain the different plan types commonly offered in Maryland, which should help make your electric choice a bit easier.

Fixed-Rate Plans in Maryland

A fixed-rate plan is one that comes with a single rate per kWh for your entire contract term, so you always know exactly what you’ll be paying for each kilowatt hour. It’s important to note that this doesn’t fix your energy bill at a certain amount — just the rate per kWh, so your utility bills can still be higher or lower depending on your energy consumption.

Generally speaking, we recommend fixed-rate plans because they help you budget more accurately, and they let you avoid unexpected price hikes due to low electricity supply, high demand or times of crisis.

Keep in mind that some fixed-rate plans automatically turn into variable-rate plans when the contract term ends, so you might need to renew your contract every so often to make sure you are not being charged too much.

Fixed-Rate Plans Pros and Cons

Variable-Rate Plans in Maryland

Rather than provide customers with a fixed rate per kWh, variable-rate plans have per-kWh prices that change from month-to-month or even as often as day-to-day. The prices change based on local energy rates, which are determined in large part by supply and demand. You stand to pay less for electricity if local energy rates are below what the fixed rate would be, but you stand to pay more if demand is high.

Since 1990, the cost of electricity in Maryland has increased at a rate of about 2% each year.³ Much of this increase is due to the large jump that occurred in 2011 that bumped the cost per kWh up from its nearly steady 8 cents per kWh to the average of 14.31 cents that is seen today.

Ever since this massive increase, the price of Maryland electricity has stayed relatively consistent but does experience moderate fluctuation. Variable-rate plans are a bit of a gamble but can be worth it if you know what you have gotten yourself into.

Variable-Rate Plans Pros and Cons

No-Deposit and Prepaid Energy Plans

Many energy plans require sign-up fees or deposits to protect the electric company in case of customer non-payment. No-deposit energy plans are an option for those looking to avoid these fees, although it normally requires that you pass a credit check before being accepted.

Alternatively, you can choose a prepaid energy plan, which allows you to put money into your account and then receive service until the total is expended. These plans typically have no sign-up fees, but you must remember to add funds to your account regularly. If you forget, you might lose service.

Green Energy Plans

Green energy plans are what we always recommend because it guarantees the electricity you use is coming from renewable energy sources or is offset by clean energy production, such as what is used in Think Energy and CleanChoice Energy. In many cases, green energy plans have per-kWh prices that are competitive with other plans despite not using coal and natural gas for energy production, so you can potentially save money while promoting renewable energy and doing right by the environment.

Maryland has a Renewable Portfolio Standard (RPS) that calls for 50% of the state’s energy production to come from renewable energy sources by 2030.⁴ It’s likely that in order to reach this goal green energy plans will be incentivized and might become even more affordable than they already are.

Business Energy Plans

Finally, business energy plans are designed for commercial, industrial and government consumers. These plans are created with a higher consumption level in mind, as its meant to serve office buildings, churches, local government headquarters and more. For that reason, the average cost per kWh is much lower than the average residential energy price.¹

The Maryland Energy Administration has a goal of generating 20% of the state’s business energy usage from clean energy resources by the end of 2022,⁵ so there are several energy efficiency loans and clean energy grants available for businesses that want to switch to more sustainable energy.

Not all power companies offer business plans, so you might need to do a dedicated business energy plan search to find options available to you.

What Should You Look For When Choosing an Electricity Provider In Maryland?

Regardless of if you are moving to Maryland or are unhappy with your current energy company and looking for a new provider, there are certainly some factors you should keep in mind as you conduct your research.

Picking Energy Providers As A New Maryland Resident

As a new resident, you may be tempted to go with whichever provider is most commonly used in your neighborhood. While researching who your neighbors use for their energy source is a great place to start, it may not lead to the best electricity rates. Before you commit to an electric supplier solely based on electricity rates, consider these three important factors:

• Company history: The best energy companies in Maryland have a positive record of delivering quality energy services in your neighborhood. Talk to representatives and neighbors or research the company to learn as much as you can about how it serves Maryland consumers.
• Customer reviews: The best way to quickly learn about a company is to sift through customer reviews in your area. Look at both positive and negative customer reviews for any trends in what consumers have experienced.
• Where the energy comes from: Unless a company advertises 100% renewable energy plans from solar or wind energy, it likely only offers natural gas. If you want to utilize a more sustainable energy source, look for local utility companies that offer various energy plans.

Selecting an Energy Provider If You Are Switching Providers in Maryland

Your energy choice should be based on your energy needs, so if your current energy provider has not lived up to your expectations, you have too many power outages or if you feel as though you are paying too much, then it is within your rights to find a new company. As you research other energy options, look specifically for how each company rates in the following categories:

• Energy sources: If you want to switch electricity providers, consider a company that uses renewable energy to either supplement or supply its electricity. Not only is this good for the environment, but these companies often offer competitive energy prices.
• Electricity rates: If you decided to switch energy companies due to high electricity rates, then check your potential new supplier for its rates. You can compare the energy rates from several companies to find the best deal in your area. Keep in mind that rates may change after your energy contract is up, so make sure to read the fine print. Cheaper electricity rates can be achieved but comparing provider will be needed.
• Types of energy plans offered: Not all companies offer variable, fixed and green energy plans. If you have a specific energy plan in mind, look for a local utility company that offers what you are looking for.

Who Offers Green Energy Plans?

Thanks to deregulation, homeowners in Maryland have energy choice and can choose from plenty of options when it comes to green electric and gas suppliers. In a 100% green energy plan or 100% renewable energy plan, all of your electricity comes from renewable sources instead of CO2-producing natural gas. Below are some of our top-rated companies in the Maryland area, including a list of each company’s strengths.

Think Energy: Outstanding Regional Provider

• Relatively low prices
• Numerous contract terms available
• Positive customer reviews
• Clean energy plans available

AEP Energy: Great Regional Provider

• Clean energy plans available
• Large footprint in Maryland
• Fixed-rate plans
• Experienced

CleanChoice Energy: Great Regional Provider

• Clean energy plans available
• No cancellation fees
• Great customer reviews
• A+ rating with the BBB
• Fixed-rate plans available

Clearview Energy: Great Renewable Energy Choice

• Positive online reviews
• Clean energy plans available
• Fixed-rate plans available
• Numerous contract terms available

EcoWatch Methodology on Energy Providers in Maryland:

At Ecowatch we take a sustainable approach to our best lists. We selected the best energy providers in MD by examining a variety of different components of the energy providers business. We considered their renewable options or green plans as the most weighted component of our scoring. We looked at how many different types of plans were available, how many years of experience the companies had, what terms and contracts looked like at each company. Lastly, we took a look at the providers track record when it came to delivering the service and customer service. We examined BBB ratings, looked into B Corp certifications, and found out if they offered competitive and fair pricing. All of these factors helped us decide which companies to recommend and which superlative to award!