The State of Connecticut has announced a utility rate increase effective January 1st, 2022. Have you anticipated your energy bill increase? We’re here to break down the sudden utility rate increase and help give your business the power to choose.
Why is my bill going to increase?
Customers can expect to see up to a 64% energy bill increase starting on January 1st, depending on which Connecticut electric company territory they are in. Following the unexpectedly energy low trends during the COVID-19 pandemic, demand has returned faster than expected, and production is not keeping pace. The sudden increase in demand has created global energy commodity cost increases that will drive energy prices up this winter. As CT energy rates increase, going solar helps your business save on electricity, while strengthening the resilience of our grid. It is important to note that every six-month period, the Standard Service supply rate of electricity is approved by PURA following a competitive procurement process. The Standard Service rate is the price paid by you, as a ratepayer, for the cost of generating the electricity you use. So, this increase is higher than in years past is a direct result of the market price increase of natural gas as explained previously.
How can you protect your business from UI and Eversource rate increases?
There is one clear choice: to power your business with solar. For most buildings across the state, switching to solar will reduce operating expenses, while protecting you from unexpected and unfair rate increases in the future. One option for developing your solar project is a Power Purchase Agreement (PPA). In this agreement, Verogy designs, builds, owns, and operates the system, and you buy the green power that the solar panels produce at a discounted rate from that of Eversource or United Illuminating. This rate is fixed for the entirety of the agreement, so you are protected from energy bill increases and future rate hikes and will never have to wonder “why is my electricity bill so high” again. Another option is to own the system yourself, so you don’t pay anyone for the power generated on your roof! Explore our other CT solar services including project development, solar rooftop EPC, and more, to take hold of your power to choose.
Ready to take the next steps towards making your solar project a reality? Check out our latest solar development checklist to begin!