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Connecticut Office Of Consumer Counsel Highlights Electric Rate Savings For Customers That Shop

August 5, 2022

New report shows almost $1 million in one-month savings for customers who chose to enroll with a competitive electric supplier

August 3, 2022 (HARTFORD, CT) – A new report from Connecticut’s Office of Consumer Counsel (OCC) found that customers who shop the competitive electric market and chose a supplier other than their default utility, saved in aggregate $951,609 in just the month of May. The OCC is an independent agency that advocates for utility ratepayers on issues decided by the Public Utilities Regulatory Authority (PURA).

“In the month of May 2022, seven out of ten residential supplier customers paid less than the Standard Offer in Eversource territory, and six out of ten residential supplier customers paid less than the Standard Offer in UI territory,” reports the Connecticut Office of Consumer Counsel.

The news comes as electricity rates have skyrocketed statewide as demand for electricity has increased, driven in part by surging use of air conditioning to handle an unusually hot summer.

“Energy prices can be highly volatile, based on a diverse set of complicated factors. The beauty of competition is that if a customer doesn’t like what they currently pay for, they are empowered to shop the market or return to their utility. Competitive retail suppliers provide terms that range from six to 36 months, enabling the customer to shop for a low-cost rate and lock in that price for an extended period and safeguard themselves from rate shock and the savings are expected to continue,” said Chris Ercoli, President and CEO of the Retail Energy Advancement League.

Clean energy products are sometimes offered at a higher cost and the report demonstrates many Connecticut customers are still seeing savings using 100 percent clean energy, rather than using their local utility service, which only meets a 33 percent clean energy threshold.

“Cost-savings are just one reason customers choose to shop. Competitive retailers are bringing customers choices that include renewable energy offerings, smart home products, free hours for home electric vehicle charging and access to their data and usage so they can be a more informed customer,” said Chris Ercoli, President and CEO of the Retail Energy Advancement League.

Approximately 250,000 Connecticut households currently shop the market and choose a different company to supply their electricity rather than their local utility. Connecticut residents can log on to the state’s website, “Energize CT” to compare the rates and terms of different suppliers and select options such as a fixed rate or renewable energy.

REAL Choice