Are You Prepared for Higher Energy Costs?
November is the time of year when Eversource files service rates with Connecticut’s utility regulators and once again, the company projects a huge rate increase for the majority of residential electric customers starting in January 2023. Connecticut and Massachusetts are already the third and fourth most expensive states in the country for electricity. On top of soaring prices for groceries, gas, and the essentials of everyday life, the winter months are likely to take a bigger bite from consumers’ wallets.
What will a possible increase look like? Eversource’s CEO has warned that the per kilowatt charges on the supply portion of customers’ electric bills could double, as they did a few months ago in New Hampshire. New Hampshire residents saw their supply rates soar from 11 cents per kilowatt hour to 22 cents per kilowatt hour.
If the new rates are approved by the Public Utilities Regulatory Authority (PURA), rates for Connecticut Eversource customers will rise from 12.05 cents to 24.2 cents per kilowatt hour, translating to a monthly hike of $85 for the average customer, or $1,020 annually. It’s a steep increase that Eversource attributes to higher prices globally for oil and gas, as well as shortages caused by the war in Ukraine. United Illuminating is also looking to double its supply cost rates, which would cause UI customers to see their bills go up an average of 50 percent.
While Connecticut residents can still choose a third-party supplier and potentially lower their electric bill somewhat, electricity rates in Connecticut are still much higher than in most states. If you’re fed up with energy costs that go up year after year while the utility company reports record-breaking profits, it’s time to consider solar energy. Not only are there cost-savings when you generate your own electricity, but there are also financing options and potential state and federal tax incentives when you purchase solar panels.