Eversource: Massachusetts Customers Will See “Significant” Drop in Electricity Prices
Massachusetts residents who get their electricity from Eversource can expect some good news this summer: their utility bills could go down by $40-$58 per month.
That's according to an announcement Monday from the utility company, which stated that it has filed for the state Department of Public Utilities to approve "significantly reduced" electric supply rates for the rest of the year.
Eversource said the lower rates will take effect from July 1 through Dec. 31.
If approved, residential customers' rates would go down to 16.08 cents per kilowatt-hour from the current rate of 25.78 cents per kWh, the firm stated.
Last summer, the rate was around 17.9 cents per kWh.
The rates apply to customers who receive the basic service rate, not those participating in municipal aggregation programs or getting electricity from a competitive supplier.
Cost of Energy
Eversource's announcement comes as energy prices continue to fall from last year's record high, and after the firm raised winter electricity rates by more than 40% for Massachusetts customers.
The company attributed the high prices for energy to the supply of natural gas, which was disrupted last year in part due to high demand caused by the war in Ukraine.
"Our customers have been hit hard by the unprecedented volatility in the energy markets in the last year, so we’re pleased to let our customers know that some relief is coming in energy prices this summer with the new supply rate," said Eversource executive Penni Conner.
Conner — who is VP for Customer Experience and Energy Strategy at Eversource — added that customers should remember that their bills still depend on the amount of energy they use, and that usage goes up around 40% in summer.
According to Eversource, if the rate change and other adjustments are approved, residential customers in eastern Massachusetts using around 600 kWh a month will get approximately $58 off their bill.
Those in western Massachusetts will see an electricity bill that's around $42 lower.
However, supply costs are expected to go up again this winter, with continued market volatility also likely, the company noted.
Tips for saving energy this summer:
Set ceiling fans to rotate counterclockwise to create a cooling downdraft instead of an updraft (but turn fans off when you leave the room.)
Keep blinds, shades, or curtains closed in the heat of the day. According to Eversource, this can lower indoor temps by up to 20 degrees.
Every degree higher on the thermostat will use 1-3% less electricity, so keep air conditioners set as warm as you can stand.
Keep air vents clear of obstructions like furniture or fabrics to allow air flow.
Run appliances like washers and dryers in the early morning or late at night to conserve energy.
Switch your lightbulbs to energy efficient LEDs, which don't get as hot as incandescent bulbs and last up to 25 times longer.