An analysis of the Connecticut retail energy market shows a potential savings of millions of dollars for residents and business electricity consumers in the month of July. The study shows that if all CT electricity consumers switched from their utility to the lowest available offer, the potential savings was $18.5 million in July.
The study performed by the Retail Energy Supply Association shows that in the Eversource territory, there was a total of 97 offers from 24 electricity providers in the month of July. Of those offers, 21 were below the standard service rate of 8.01 cents/kWh. The lowest offer coming in at 4.99 cents/kWh that would save consumers 37% on their electricity rate and save the average household over $22 per month.
In the United Illuminating territory, there was a total on 94 offers from 24 electricity providers in the month of July. The lowest offer being 4.99 cents/kWh which is 34% lower than the standard service rate of 7.60 cents/kWh. By switching to the lowest rate, Connecticut electricity consumers could save themselves nearly $20 per month on their electricity bill in the UI territory.
For those looking for an environmentally friendly plan, there are 100% renewable plans that would still save over the standard service rate. For Eversource customers, there is a 100% renewable plan for 7.09 cents/kWh which would save 11% over the standard service rate. For United Illuminating customers, there is also a 100% renewable rate for 7.09 cents/kWh which is still cheaper than the 7.60 cents/kWh rate.
“Some have questioned the value of Connecticut’s competitive energy market, suggesting that utility service offers a better option than signing up with a competitive supplier. But this simplistic equation ignores the values beyond price that competitive suppliers bring to the marketplace,” said Retail Energy Supply Association spokesman Bryan Lee.
Not only would switching retail energy providers give Connecticut residents a better rate, often they have value added incentives. Some providers offer gift cards, smart thermostats and points systems as incentives to sign-up. There are still great rates for August, simply input your ZIP Code on ElectricityRates.com and compare today!