Lowest CLP Eversource Rates versus 2019 Standard Service Rates

rate-increase-signCompetition in electricity rates is alive and well throughout Connecticut as we head into 2019. Both major utilities in the state, Eversource Energy and United Illuminating, have announced large price increases in their default standard service rates that will likely result in an increase in shopping activity amongst all customer rate classes. After a rough 2018 which saw little market growth for the majority of companies, competitive Connecticut electricity suppliers are finally able to offer worthwhile savings to customers on their utility default service.

Eversource Energy, formerly Connecticut Light & Power (CL&P), announced rate increases for commercial and residential customers on their standard service rates to go in effect at the beginning of the new year. On January 1, 2019 residential customers in Connecticut who receive an Eversource electric bill will see their electricity generation rate increase by 18.9% which equates to $18.90 more for power for a customer who uses 1,000 KWh a month. The best thing a customer on the standard service rate can do is to start shopping for a competitive Eversource rate offered by a licensed Connecticut supplier. Several competitive electricity suppliers are offering rates that are lower than the default standard service rate which will result in electric bill savings for customers who take action and choose a competitive rate plan.

The new standard service rate is increasing to $0.10143, which will be the first time the rate has surpassed ten cents since the January to June period of 2015. Eversource Energy updates the rate on January 1 and July 1 of each year. Eversource Energy in Connecticut has been able to keep the rate relatively low over the last couple of years which has slowed electricity shopping growth in the state as the incentive for new customers to shop was limited. Now that the default rate is in an upward trajectory, shopping activity is expected to increase. Historic Connecticut standard service rates reveals that the price usually goes up in the January period and down in July. However there is no guarantee that the price will go down on July 1, 2019 as this is not always the case. In fact, in 2017 the default rate actually increased in July from the January period. The unpredictability of what direction the standard service rate will go is another reason for customers to shop the competitive Connecticut electricity market for long term fixed electricity prices. Below are current rates offered by licensed Connecticut electricity suppliers.


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