Electricity rates refer to the cost consumers pay for using electrical power in their homes or businesses. These rates can vary based on factors like location, the time of day, and the amount of electricity consumed. Utility companies, such as Pacific Gas and Electric or Con Edison, set these rates to cover their operating costs and ensure a reliable supply of electricity. Understanding electricity rates is important for managing energy bills. Many consumers can choose between fixed rates, which stay the same over time, and variable rates, which can change based on market conditions. By being aware of their electricity rates, individuals can make informed decisions about their energy usage and potentially save money.