Why Your Eversource Electric Bill is Skyrocketing and How You Can Outsmart It
Households in Connecticut are in a collective state of shock, as their Eversource electric bills shoot up by hundreds of dollars. In some cases, people received bills twice as high as the previous months. Some are reporting that it’s the most they’ve ever been charged.
So what’s the reason behind this shocking spike?
What’s Eversource saying?
Eversource says a scorching summer is one of the main reasons people are paying more for electricity. That it’s because more people working from home and cranking up the air conditioning. (Source: NBC)
But is high usage during the summer the only reason residents of Connecticut are seeing such spikes in their electric bills?
Eversource spokeswoman Tricia Modifica said the higher rates are linked to a 2017 power purchase agreement involving Eversource, United Illuminating Co., and the Dominion Energy-run Millstone Nuclear Power Plant in Waterford. The deal was crafted by the legislature with the aim of keeping Millstone up and running, and that required the utilities to buy power at a higher price, according to Modifica. (Source: Journal Inquirer)
Break down of your electric bill
What you pay depends on two things:
1. The cost of electricity: this depends on your monthly usage.
2. Delivery: including taxes and other fees.
Many people found themselves in situations where the delivery charge, was significantly higher than the supply charge.
Starting July 1, some of those delivery items did go up. Those include the Non-Bypassable Federally Mandated Congestion Charge — which almost doubled to about three cents per kilowatt-hour.
The fee went up due to payments associated with the state-approved power purchase agreements for the Millstone Nuclear Power Plant. These agreements were entered into as a result of legislation.
What can you do?
To protect yourself from skyrocketing electric bills, you can do a few things. Firstly, you can sign this petition: Fight The Eversource Delivery Charges.
Secondly, you can choose solar. By installing photovoltaic (PV) solar panels on your roof, your house can become energy independent. Meaning, you can be free from high electric costs, by generating your own energy from the sun. In Connecticut, there are local incentives in place that help pay for your solar system.
Residential Solar Investment Program
Financial incentive provided by Connecticut Green Bank to lower the cost of leasing or purchasing a solar system.
Property Tax Exemption
The State of Connecticut offers homeowners a property tax exemption for solar systems.
Net metering allows you to store energy your panels produce in the electric grid for use at a later date (for example, excess energy produced in July can be used in December), decreasing your electricity bill and putting money back in your pocket.
Book a free consultation with us, and we’ll walk you through how solar works for your home and down to the dollar how much money you can save. It’s quick, it’s easy and it will save you money on electricity. Read more here.
Please call us at (800) 203-4158 or book your free consultation with us for more information.