This chapter introduces the reader to four-faceted approach associated with comprehensive electricity cost reduction strategy and planning. This chapter allows readers an opportunity to enhance their knowledge about various electrical power rate schedules and options. Awareness of electrical energy cost structure allows an energy engineer, plant engineer, or a facilities manager an opportunity to make calculated and informed decisions associated with electrical energy cost minimization. As this chapter explores some electrical cost reduction ideas, the concepts of Energy Performance Contracting (EPC) and Energy Service Company (ESCO), as a means for pursuing electrical energy intensity improvement projects with little or no capital investment, are also explained. Furthermore, this chapter will leave the reader with some food for thought on the “source” aspect of electrical energy consideration through information related to proven energy sources that can be harnessed to produce electricity. This chapter also touches on energy storage methods and their role in electrical energy cost reduction.