Buffalo Grove residents looking for a break on their electrical bills may soon find it.

The village board voted unanimously Monday night to place a question on the March 20 ballot asking residents if they would like to pursue lower electrical rates.

ComEd would still distribute electrical service, but the actual electrical supply would no longer come from Exelon. Currently, ComEd customers receive power from Exelon at a rate set by the Illinois Power Agency, which buys power on the wholesale market.

But under the Illinois Power Act of 2010, if Buffalo Grove bundled with other municipalities, it could go out on the open market and seek a lower rate from alternative providers, said Ghida Neukirch, deputy village manager.

Large industrial and commercial customers already have this option, but this initiative would allow small businesses and residents the opportunity to take part as well, she said.

The initiative could reduce the cost for those customers and also provide them with an opportunity to get green energy, Neukirch said.

In other communities with alternate electrical suppliers, customers have saved more than 20 percent over a two-year period.

Buffalo Grove is leading the initiative that includes its border communities of Long Grove, Lincolnshire, Arlington Heights, Wheeling and Palatine. Those communities would enter into an intergovernmental agreement, but could determine their own contract with the chosen energy supplier.

If the question passes, the village would need to host two public hearings as well.

They would later go to bid and contract with an alternative supplier for one year – only if it was lower than the current rate. Staff would then send notices to residential and commercial residents, who could opt in or out at any point.

The question on the ballot will read: “Should the Village of Buffalo Grove have the authority to arrange for the supply of electricity for its residential and small commercial retail customers who have not opted out of such a program?”

If the question is approved, residents could see savings as early as next summer.