August Eversource Rate Hike Warning
It’s well known that summer has some of the most expensive electric bills of the year. Keeping cool during the blistering hot heat can make your electric meter spin like a top. That’s why Eversource customers should watch out for a rate increases to hit this August. Let’s see what behind the price increase first. Then, we’ll dig into what consumers can do to lower their energy costs. And where to compare Massachusetts electric rates.
Hot Summer = Hot Electric Prices
While Massachusetts has historically not relied very much on air conditioning, that has changed over the past twenty years. The EIA estimates that most summer energy usage (nearly 20%) goes to air conditioning in the northeastern states. New England’s grid operator, ISO-New England, reports, “Peak demand under typical summer peak weather conditions is expected to rise annually at a rate of 0.9% over the 10-year period.”
To underscore that, NOAA forecasts that MA may see a hotter-than-normal summer this year. On top of this, a recent FERC statement warns that high energy demand could sharply drive up power prices.
Eversource Rate Hike
In response to this, Eversource recently filed for new basic service rates that will last from August 1 – Jan 31. These new rates will apply to their Eastern MA service area. The new rate of 14.884 cents per kilowatt-hour (kWh) is about 12% higher than the current 13.241 cents per kWh. To put it in perspective, MA homes use an average of 559 kWh per month. So the average basic service supply charge on Boston area electricity bills is going from $74 a month to about $83.20 a month.
Shop For Cheapest Summer Rates
Thankfully, Eversource customers may be able to save if they shop for cheaper rates. In fact, one study shows that taking advantage of energy choice rather than sticking with basic service rates, has led to an average savings of over $400 a year!
For example, you might switch to the Major Energy Clean Power 12 plan. This plan brings renewable energy into your home for 14.89 cents per kWh (about $83 a month). This locks in a steady rate for a whole year, which is great news if rates rise in February. On top of that, you could take advantage of the shopping and dining discounts from the Major Energy rewards program.
Other Ways To Save
In the meantime, you can also lower your summer bills by saving more energy around the house. This includes turning up your thermostat a few degrees while you sleep, closing your blinds to block out sunlight, and using to energy efficient appliance. Lastly, Eversource can help customers with assistance programs to help keep the lights on.
No matter what you do though, be sure to shop early before the August rate hike. You can start shopping right here at https://www.maenergyratings.com. We’re also your best source for news and tips that could affect your bills.