SPRINGFIELD, Mass. (WWLP) – You will be seeing savings on your electric bill this summer, if you are an Eversource Energy customer. The Massachusetts Department of Public Utilities has approved a proposed reduction in the residential supply rate for Eversource customers.
Eversource spokesperson Priscilla Ress told 22News that the approval means that on July 1, the residential supply rate will be 7.708 cents per kilowatt hour, down from the current rate of 10.426 cents per kilowatt hour. For an average customer, that means a savings of about $16.31 per month. However, with a planned increase in a rate used to fund state energy efficiency programs, the total savings will be on average about $10.57 per month.
The supply rate is the portion of your bill that deals with the cost of purchasing the electricity itself. Eversource does not generate power, but rather manages the networks that deliver that power to you, so they do not profit from the sale of electricity. Supply rates have gone up and down dramatically in recent years with fluctuations in the cost of generating power.
The new rate will be nearly half the 14 cent per kilowatt hour rate that Eversource customers were paying in early 2015.