Rhode Island Electricity Rates Continue Rising
January 9, 2024 | Reading Time: 9 minutes
Why Are Rates Rising?
As The Providence Journal highlighted, electric rates are expected to spike over the winter reaching the highest they have been in the last two decades. This is due to increasing energy demand and market turmoil caused by the War in Ukraine.
The rise in energy demand is due to the reliance on fossil fuels, especially natural gas, in the state. Natural gas is currently responsible for more than half of Rhode Island’s electricity, while it also increases carbon emissions.
The increase in rates will be reflected in monthly bills starting Oct. 1, 2022, when most Rhode Island residents could be paying 15.6 cents a kilowatt hour (kWH), according to estimates made by National Grid.
The Providence Journal states,
“If that happens, the rate for many of the company’s roughly 500,000 electric customers in Rhode Island would be nearly double what was just approved by state regulators for the summer billing period that ends Sept. 30. As a result, the monthly bill for a typical residential customer, after delivery and other fees are factored in, would jump from about $111 to more than $150.”
This increase may be even more drastic after the recently Rhode Island Public Utilites Commison approved summer rates of 7.174 cents/kWh, which is down from the winter rate of 10.491 cents/kWh. Talk about seasonal depression!
Many consumers think that they do not have an option but to pay these rising rates every month. However, there is an option to decrease your electricity payments and possibly eliminate them all together. That is making the switch to solar.
Homeowners powering their home with solar are experiencing immediate monthly savings, a lifetime positive return on their investment and may even have their utility company pay them instead of paying their power company more every year for the same service.
Residential solar installations will continue to help Rhode Island balance their reliance on natural gas, reduce carbon emissions, and give residents freedom from the constant fluctuation in rates that they have no control over.
If you have questions about how solar can save you money and reduce your carbon footprint give us a call, 508-717-3820.