Energy Costs Skyrocket 40% in CT Increasing Demand for Solar
Updated: 15 hours ago
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Eversource and United Illuminating will Raise Supplier Rates over 40% in 2023
CT Residents are no strangers to electricity rate hikes, but certainly exhausted of it. Monthly electric bills are a product of how much electricity you use per month and your electric rate. In CT, the average monthly bill for residential customers is $272/month. Sources report that supplier rate increases for electric power could add an average of about $85/month to your electric bill starting on January 1st, 2023; a dramatic increase of over 24% on average.
Electric Rates Increasing
The increase, which must first be approved by Connecticut’s Public Utilities Regulatory Authority, would take effect Jan. 1, 2023. If approved, supply rates would double from 12.05 cents per kWh to 24.2 cents per kWh, which would mean an increase of $85 per month for the average customer. Both the electric companies and Connecticut leadership addressed the spike in electric rates for this upcoming winter. However, this still leaves residents wondering what the implications are for their bills and ability to heat their homes. Each additional Kilowatt Hour used will cost you about 25% more in 2023.
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Why is This Increase Happening Now?
Eversource and United Illuminating announced this week that they are increasing their [supply portion of] energy prices for customers in Connecticut and in greater New England. Changes in electricity prices have a lot to do with Russia’s war on Ukraine, as Russia was once a big supplier of natural gas to the United States. However, since the war began, the U.S. has been cut off from certain natural gas imports, which has caused the supply to decrease, and the demand to increase; this drives natural gas prices up and makes it pricier for people to do things like heat their homes. This huge global spike of gas costs, heating oil costs, and wholesale electricity prices has residents of CT feeling uneasy.
Fossil Fuel and Renewable Energy Impacts
The coal industry generated 33% of American electrical energy by 2021, but the numbers will continue to decline once those plants are stopped. Nuclear energy accounts for roughly 20% of electric generation and is forecast to stay constant, with solar energy and hydropower expected to rise in the years to come. The global electricity demand and thus the energy that comes from burning fossil fuels is rising. Natural Gas prices are increasing due to changes in the global fossil fuel markets. Renewable energy (solar and wind power stations) is not developed enough to satisfy this increasing demand in energy markets around the world.
Energy Providers and Utility Companies in Connecticut
Connecticut is deregulated in terms of electricity and utilities. You cannot decide which utilities to hire – it varies depending on where you live. Connecticut currently offers 2 electricity services – Eversource and United Illuminating. These companies provide local electricity and supply electricity from their suppliers to you. Connecticut's electricity rates vary depending on the electricity transmission cost – the price of transmitting electricity from a utility to a house. Energy assistance program use will soon be on the rise.
Courtesy WFSB Channel 3
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Questions
Will My Electric Rates be Affected by this Increase?
If you are a resident of Connecticut, using Eversource or United Illuminating as your supplier, your rates will be greatly affected. On January 1st, 2023, CT residents can expect an increase in supplier charges of over 24% on average (or about $85/month).
What are the financial benefits of Solar Energy?
When you install a solar energy system on your property, you save money on your electricity bills and protect yourself against rising electricity rates in the future. How much you can save depends on the current utility rates in your area, but going solar is a smart investment regardless of where you live.
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What are the environmental benefits of Solar Energy?
Solar power, like other renewable energy resources, has many environmental and health benefits. Going solar reduces greenhouse gas emissions, which contribute to climate change, and also results in fewer air pollutants like sulfur dioxide and particulate matter, which can cause health problems.
What is Net Metering?
Net metering is the system that utilities use to credit solar energy system owners for the electricity produced by their solar panels. With net metering, you only pay for the electricity that you use beyond what your solar panels can generate.
Ready to go Solar? Call 860-969-4006 to be Connected with an Expert Today!
The Sustainable Way to Avoid Future Electric Rate Hikes
At Premier Improvements Solar, we can handle all of your needs from the design, permitting, installation & inspection of both residential and commercial properties. With solar tax credits still available, it's a perfect time to gain financial freedom from the utility companies. We service all of Connecticut, Massachusetts, and Rhode Island, and are always here to answer any questions you may have.
At Premier Improvements Solar, We can handle all of your needs from the Design, Permitting, Installation & Inspection of both Residential and Commercial properties. With Solar Tax Credits still available it's a perfect time to start moving forward to your financial freedom from the Utilities. Servicing All the Connecticut and Massachusetts as well as Rhode Island we are always here to help you and answer any Questions you may have. Give us a Call @ 860-969-4006 or visit our website @ PremierImprovementsOne.com for additional info.
Are you thinking about making the leap into solar energy? To learn more about the process, have a look at our Solar Services.
Reference Articles
https://www.nbcconnecticut.com/news/local/eversource-looking-to-increase-utility-bills/2918102/
https://www.wbur.org/news/2022/09/08/new-england-electricity-prices-natual-gas-utility-auctoons
https://www.sfgate.com/news/article/electricity-price-hike-eversource-ct-17595192.php