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  • Writer's pictureAngelo Aguiar

Eversource and UI Rate Hikes: Understanding the Impact on Connecticut Residents

Connecticut Home owners mad about electric rate hikes

If you’re living in Connecticut, you might’ve noticed your electricity bill creeping up recently. That’s because both Eversource and United Illuminating (UI) have implemented significant rate hikes. These increases are raising eyebrows and stirring frustration among residents, especially considering how frequently and easily these utility companies seem to adjust their rates.


Another Electric Rate Hike in Connecticut

The Details of the Rate Hikes


Eversource’s latest rate increase took effect in July, leading to a noticeable spike in electricity bills for Connecticut residents. According to CT Insider, this hike results from higher supply costs, which Eversource attributes to global fuel price volatility and increased demand.


Meanwhile, United Illuminating customers are also facing steep increases. As detailed by CT Mirror, UI’s rate hikes are similarly driven by rising costs in electricity generation and transmission. For many households, these hikes translate into higher monthly expenses, squeezing budgets even tighter.



Nonstop electric rate hikes

Can Utility Companies Raise Rates Whenever They Want?


It certainly feels that way to many consumers. Both Eversource and UI cite various reasons for these hikes, such as increased operational costs and market conditions. However, the frequency and timing of these increases often seem out of step with consumers’ financial realities.


These utility companies operate under regulations that require them to seek approval for rate changes from the Connecticut Public Utilities Regulatory Authority (PURA). However, the approval process might not always seem transparent or aligned with consumer protection, leading to a perception that these companies can raise rates with little resistance.

The Broader Impact on Connecticut Residents

The impact of these rate hikes is far-reaching:


1. Financial Strain: For many families, higher utility bills mean having to cut back on other essential expenses. This can lead to tough decisions about which bills to pay and what necessities to forgo.

2. Economic Disparities: Rate hikes disproportionately affect low-income households, exacerbating existing economic inequalities.

3. Business Costs: Local businesses also face increased operational costs, which can be passed on to consumers through higher prices for goods and services.


Homeowners happy with home energy assessments

What Can Residents Do?


While residents may feel powerless against these large utility companies, there are steps you can take to mitigate the impact:

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Energy Efficiency Auditor/Home Energy Assessment(HES) : Implementing energy-saving measures in your home can help reduce overall consumption. If you want to cut your bill by up to 40%, schedule an energy assessment (HES inspection). A UI or Eversource partner will assess your home's energy use, check & add insulation, test windows and doors, and replace up to 20 LED lightbulbs. They'll also inspect your roof and appliances, providing a detailed energy savings report and in addition to a free solar savings report.


Typically, energy audits cost $100-$300, but if you call Terra Energy to schedule your energy assessment be sure to mention this blog post, and we'll provide the entire audit and all included services absolutely free!


Feel free to call us to schedule your FREE Energy Assessment (HES) report! Reach us at 475-550- 5463 and be sure to mention this blog post for the free assessment and all free upgrades!


Alternative Energy Sources: Exploring renewable energy options, such as solar power, can significantly cut down on reliance on traditional utility companies. Companies like Terra Energy offer tailored solar solutions that can help you achieve energy independence and save money in the long run. Feel free to call us to schedule your free solar savings report! Reach us at 475-550- 5463 and be sure to mention this blog post for free upgrades.


Advocacy and Participation: Getting involved in local energy policy discussions and advocacy can help push for more consumer-friendly regulations and greater transparency in the rate-setting process.


Homeowners happy with solar

Moving Forward


As Connecticut residents continue to deal with the financial implications of these rate hikes, it’s crucial to stay informed and explore all available options to reduce the impact on household budgets. Whether through energy efficiency improvements or switching to renewable energy sources, taking proactive steps can help mitigate the burden of rising electricity costs.


FAQs


Q: Why are Eversource and UI increasing their rates?

A: The companies cite higher supply costs, global fuel price volatility, and increased demand as the primary reasons for the rate hikes.


Q: How often can utility companies raise their rates?

A: Utility companies must seek approval from the Connecticut Public Utilities Regulatory Authority (PURA) for rate changes, but the frequency of these requests can vary based on market conditions and operational costs.


Q: What can I do to reduce my electricity bills?

A: Implementing energy efficiency measures and exploring alternative energy sources like solar power can help reduce your reliance on grid electricity and lower your bills.


Additional Resources

• CT Insider on Eversource Rate Hikes

• CT Mirror on UI Rate Increases

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