Electricity prices have been on the rise in Connecticut and across the country. It is essential to compare the most competitive rates for electricity in Connecticut to ensure you get the most for your buck.
How to Compare Rates
Connecticut has liberalized its energy market in 1998 to end monopolies and promote competition among suppliers. This means that business and residents can change their eversource ct provider to save money as well as gain greater control over their bills.
Utilizing a competitive marketplace to find the best price is a smart move, and Price To Compare is here to help you do just that! Compare rates in real-time from a variety of providers and search for plans within your local area.
When demand is low the seasons of the fall and spring are the months when you can get the lowest electric rates. This is when power companies buy their equipment and supplies, and prices are adjusted. PURA the state agency responsible for energy regulation in Connecticut, assists to set prices twice a calendar year.
The best starting point is the Energize CT rate board where you can look at various offers from trustworthy suppliers and check how your current charge for supplies compares to them.
There are two types of charges on your bill that are different: utility delivery charges and electricity supply charges. The first are collected by your local utility company and the latter is collected by the provider of your electricity.
Many consumers are choosing long-term fixed-rate plans to ensure their electricity rates and shield themselves from market volatility. These are typically contracts that last for 24 or 36 months which provide a fixed monthly rate and keep you from being caught off guard by the energy price spikes that are prevalent in the market today.
Variable-rate plans are also a popular choice, but they usually cost more over the long term. They are not as secure as a fixed-rate plan and may have cancellation fees or other catches.
If you are planning on changing suppliers ensure that you review the contract carefully and understand any terms and conditions. In some cases, you can even get out of the contract earlier if you must.
Eversource and UI offer financial assistance to those who are struggling with their energy bills. However, these programs only apply to customers with incomes below the threshold.
For example, Eversource customers with an income below $21,744 and UI customers with an income below $44,400 are eligible to get a 50 percent discount on their electricity bills.
These discounts are part of a bigger array of programs that two utilities have put in place to reduce energy costs for their customers. These include financial assistance, weatherization, and even real time outage tracking.
State lawmakers passed a law in 2020 that granted the Public Utilities Regulatory Authority power to create a special set electric rates for those with low incomes. In the past year, PURA voted to create two new classes of power users.