Residents of Joliet, Illinois, and surrounding communities might soon see a savings on their energy bills thanks to electricity deregulation.

Since Illinois deregulated its electricity market, a number of communities have formed collectives in order to buy power from private providers at lower rates than those charged by public utility companies. In March, Joliet voters will decide whether the state's fourth-largest city, located about 45 minutes outside Chicago, will join one of these buyers' groups, the Herald-News reported.

The Joliet City Council approved the municipal electric aggregation proposal at an October 3 meeting, according to the Herald-News. At that meeting, City Manager Thomas Thanas said the switch to a private provider should save Joliet residents 15 percent on their electric bills.

Even if the referendum passes, Joliet residents can choose to opt-out of the aggregation plan and continue to receive their electricity from the state utility, the news source reported.

Savings could be even greater - about 20 percent - for residents of Wauconda, another Illinois town that might move to a private electricity provider, the Daily Herald said in August. In its reporting on Wauconda, the newspaper quoted Art Goosten, village administrator of Fox River Grove, who said residents have seen about a 23 percent reduction in electricity costs since the town switched to private energy.