Record High Electricity Rates in Rhode Island
January 5, 2024 | Reading Time: 9 minutes
Across New England, record high electricity rates are unfolding. Unfortunately, Rhode Island is also subject to these prices.
As the Providence Journal reports, starting October 1st, 2022, Rhode Island residents will see nearly a 47% increase in their monthly electricity bills. If you use 500 kWh of electricity in a month, which is the state average, you can expect your monthly bill to increase about $52.
If you are a commercial business owner, electricity rate increases will vary more widely depending on usage, increasing from 41% to 51%.
To put this in a historical perspective, the predicted rates of Winter 2022 will be the highest since 2000 and over double the current rate. This is an increase from 7.81 cents per kwh to 17.8 cents per kwh. On average, this is 50% higher than rates over the previous 6 years.
For the most part, Rhode Island has been able to avoid increasing rates as the state buys its energy on a different schedule than the rest of New England. As of August 2022, Rhode Island is hosting the lowest rates in New England but its prices will match or pass the other states in the region when the rate change goes into effect.
Rhode Island Energy, the top supplier of electric and natural gas in the state, has been forecasting these price increases since the spring when prices were the lowest they had been in years. RI Energy has been notifying its customers that the wintertime will not be friendly to their electric bills.
Of course, this price change is expected as rates typically increase in the winter when there is a surge in the demand for natural gas as temperatures drop. However, this rate increase exceeds the normally expected increase.
The Rhode Island Public Utilities Commission will have a final say on if the new rate hike will go into effect but it is expected that the latest increase will be approved.
Increases in electricity rates have become too common for homeowners across New Englad. They’re an unavoidable and variable expense.
This uncertainty is leading many homeowners to consider other options of acquiring electricity.
How Can I Stop Paying Rising Electricity Rates?
Isaksen Solar hopes to be the answer. We’d love to work with you to create your own custom solar energy system and start saving you money the day you turn your system on.
Homeowners powering their home with solar are experiencing monthly savings, a lifetime positive return on their investment, and may even have their utility company pay them. They experience all these benefits in lieu of paying their power company every time the prices change while getting the same exact same service.
Residential solar installations will continue to help Rhode Island residents balance their reliance on natural gas, reduce carbon emissions and give residents freedom from the constant price increases.
If you have questions about how solar can save you money and reduce your carbon footprint give us a call, (508) 567-0647.