Electricity customers in Maine will soon see standard-offer rates fall by as much as 8 percent in 2013, which will help residents and small businesses bring down their overall energy spending, Maine Business reports.

According to the news source, state utility Central Maine Power recently announced that stand-offer prices will drop by 8 percent, while customers with Bangor Hydro Electric will see their rates fall by more than 6 percent.

On the supply and distribution side of the bill, customers of Central Maine Power will see a drop of about 4 percent on their bills, while bangor Hydro Electric customers will notice about a 3 percent decline, the news provider stated.

The lower rates are the result of the competitive energy environment in Maine, which has led state utilities to have to compete with retail energy providers, sending prices significantly lower. In the last year alone, more than five retail energy providers have moved to Maine to sell wholesale electricity and take advantage of the thriving competitive electricity market.

Recently, wholesale electricity prices have given power providers new opportunities, as these prices have fallen faster than standard-offer rates.