More good news is coming from PECO, as the electric company has announced further price cuts from June 1, writes Andrew Maykuth for Philly.com.

PECO’s customers have already been paying less for their electricity over the last six years, since competitive market rates took effect. In competitive markets such as Pennsylvania’s, retail customers have the option of shopping for a supplier which can sometimes cut their bills by as much as a half.

PECO’s standard rate for residential generation supply fell to 7.16 cents per kWh on March 1, down by 27 percent from 2011. Starting June 1, the price will drop an additional 2.5 percent to 6.98 cents per kilowatt hour.

“The competitive energy market and the benefits of clean, affordable, and local natural gas are leading to big savings for our customers,” said Craig Adams, PECO’s president and chief executive.

For those looking to save a bit more, there is the option to use PECO’s Smart Energy Choice program. Through this, customers are steered by PECO towards a participating supplier. They then deliver power for 12 months at a fixed rate that is seven percent below PECO’s current price-to-compare and with no cancellation fees.

Read more about the price cuts at Philly.com by clicking here.