Starting July 1, residents of Connecticut will enjoy a drop in their electric rates, confirmed by the state’s Public Utilities Regulatory Authority (PURA).
Both United Illuminating (UI) and Eversource promised a notable decrease in charges last week. The decrease is now confirmed, with PURA announcing an average reduction of about 22% for typical Eversource customers and 11% for UI clients.
A “typical customer” uses around 700 kilowatt-hours (kWh) of electricity each month.
What to expect with the new rates? For Eversource, the rate will plunge from 24.17 cents to 13.82 cents per kWh, and for UI, it will go down from 21.94 cents to 14.33 per kWh.
Just remember, these standard service rates are revised twice a year – every January and July, based on the cost UI and Eversource pay for electricity. While PURA ensures these companies are getting competitive rates, the companies don’t make a profit off of them.
Keep in mind that your total bill size could still vary depending on your electricity usage, despite the rate decrease.
However, both Eversource and UI officials alert customers about persistent market challenges, including supply chain issues, inflation, and the ongoing war in Ukraine.
How to keep your electric bills in check this summer? Be wise with your AC usage, switch off fans and lights when not needed, and consider maintaining your air conditioner for more efficiency. According to the Edison Electric Institute (EEI), a well-maintained cooling system and smart thermostats can save you up to 15% and 10% on your annual bills respectively.
For additional tips from the EEC, click here.
Remember that the EnergizeCT rate board lets you compare standard service rates from Eversource and UI with those from licensed, third-party electricity suppliers and registered aggregators.
About 80% of residents stick with the standard service from Eversource and UI, PURA estimates. The rest opt for third-party suppliers.
The next rate change is due around November 15, to take effect on January 1, 2024.
EDITOR’S NOTE: The original version of this story incorrectly stated the rate change in dollars instead of cents per kWh.
