I missed the biggest news of Tuesday night.
It wasn’t the Grafton Township Electors voting to ratify the deal that the Township Trustees cut with Road Commissioner Jack Freund for the Town Fund to repay the loan taken out to buy the Town Hall property over a three-year period.
The 5% loan interest to finance the loan is higher than the under 1% interest being paid Grafton Township by investing it, but that issue didn’t surface and the practice will continue until the Road Commissioner pays back the last $300,000.
That savings pales in comparison to what I personally and what residents of
- Crystal Lake
- Prairie Grove
will save once a contract is signed with a supplier of electricity other than Commonwealth Edison.Lakewood Village President Erin Smith summarizes the differences in prospective rates between a non-Com Ed supplier and Commonwealth Edison:
“The first bids came in with several rates between 4 and 5 cents per kilowatt.
“We pay approximately 6.7 – 7.1 cents today, depending on the season. 🙂
“Many contract details will need to be worked out before anything is final, but we are very encouraged by the first proposals.”
Citizens will probably save 25% to 30% once the contracts are in effect, based on current Com Ed rates and the “soft” bids to which Smith refers.
There is a requirement that two public hearings be held. No one showed up at the first Lakewood hearing.
The second was Tuesday night, the same night as the Village Board meeting.
One lady showed up.
Then, the Lakewood Village Board voted to go ahead with the “buying club.”
Customers have a right to opt out for 21 days after a letter has been mailed. Lakewood’s letter has not yet hit mailboxes.
If your municipality or unincorporated area is not on the list above, you can find the election night results here. (There were slight changes in totals, but no changes in results, after the late votes were added.)