Electric companies issue warning about rate hikes - Eyewitness News 3

Electric companies issue warning about rate hikes

(WFSB) - As temperatures drop this winter, home heating costs will spike once again.

This week, electric companies put out a warning for customers to get ready now.

Connecticut will have some of the highest rates in the country come 2024.

However, companies such as Eversource said choosing a third party supplier and making small changes around a home can keep more money in customers’ wallets.

After a year where Eversource rates were up from 14 cents to more than 24 cents per kilowatt hour, Don Sunderland said he made a switch to solar.

“From Eversource, it goes up anywhere from 8 to 15 percent every year. With solar I’m locked in with a 6 percent increase every year. I know what my bill will be for the next 25 years,” Sunderland said.

On Jan. 1, the electric supply rate for Eversource customers will once again go up.

Eversource said it does not expect the price of standard electricity to exceed 24 cents like last winter, but the price will be higher than the current 14 cents per kilowatt hour.

Chris Herb with the Connecticut Energy Marketers’ Association said domestic and international affairs have caused a spike in electricity, gas, and oil.

“That’s not because of any supply issue per say. It’s more about Wall Street’s reaction to what OPEC is doing right now, and the ongoing war in Ukraine,” Herb said.

Channel 3 asked Herb why Connecticut’s rates were some of highest in the country.

He said the states location was one of the causes.

“We’re at the end of almost every distribution point and pipeline in the country, so that typically means we’re going to pay more than other parts of America,” Herb explained.

To keep more money in customers’ wallets, Eversource said it launched a campaign to tell customers that they can shop around for third party suppliers for a better rate.

Carolyn Fazzina said she signed with a third-party supplier before last winter.

“I think ours is for two years, so I make a note on the calendar. A little bit before, that I’ll check what the rates are so we can change again,” Fazzina said.

There were also small changes customers can make around their homes that can make heating it easier in the winter.

“Use weather stripping to keep warm air in and cold air out. Make sure your heating system is running at peak efficiency, and now you’ll have some control over how much you spend to heat your home this winter,” Herb said.

Customers can also find ways to save by joining Connecticut’s Energy Assistance Program.

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