The New Normal
As spring draws closer, electricity rates in New England are skyrocketing. Both Ngrid and Eversource have implemented dramatic price increases not seen before. Rates are expected to continue to increase throughout 2023 and beyond. The Energy Information Administration (EIA) expects residential electric prices in the region to rise more than $100 per megawatt-hour during the summer of 2023, a significant increase over last year’s average price of about $50.
A lot of these costs are directly related to the soaring wholesale market cost of natural gas. The price of natural gas spiked in the wake of Russia’s invasion of Ukraine, cutting off a significant part of the Russian natural gas supply. It also has been affected by the economic recovery from the pandemic and a colder-than-normal winter, driving up demand.
Many state lawmakers are concerned about these high energy costs and have called on the Department of Public Utilities to reassess how utility rates are set in the state. They want to find ways to lower the rate increases that are coming in the future.
Inspiring Energy Choices
There are plenty of ways to make your energy bills more affordable, whether you’re a residential or business customer. Using renewable energy, making energy-efficient improvements, or taking advantage of programs like the Good Neighbor Program can all help reduce your costs in the long term.
One of the best ways to save on your energy bill is by installing solar panels. These systems can produce enough power to power your entire home and are a great way to do something positive for the environment while saving money.
Massachusetts is known for its many incentives and programs for homeowners looking to install solar panels on their roofs. Among them are those that help residents earn tax credits for their investment, and some that offer cash rebates if the panels are installed by a qualified installer.
Another option is to use solar heat, which will keep your house warmer while also cutting down on your heating costs. The EPA estimates that solar hot water heaters can cut heating costs by as much as 30 percent.
In addition, Massachusetts has a lot of great energy efficiency programs for both residential and commercial customers. Some are offered by utilities, while others are partnered with organizations that provide help and resources. Mass Save is one good example of this.
A few other energy cost reduction options include insulating your home, upgrading outdated heating, and making smart energy choices. There are also programs that can help with your energy costs if you’re income-eligible, and some utilities offer payment plans.
More Tips on Saving on Your Energy Bills
If you’re worried about your energy bill next winter, it’s a good idea to start making changes as soon as possible. There are several groups that offer help and assistance, including Mass Save, Eversource, and National Grid.
Some of these groups even offer free energy assessments. These assessments can help you understand your current energy usage and find ways to make your home more efficient.
Ultimately, the best way to save on your energy bill is to do all you can to stay informed and to take steps to improve your home’s energy efficiency. By doing so, you can save yourself a lot of money on your electricity and natural gas bills.
