Cape Light Compact Announces New, Lower Pricing for Power Supply
For More Information Contact:
Mariel Marchand, Power Supply Planner 508-375-6623
For Immediate Release: May 25, 2023
CAPE LIGHT COMPACT ANNOUNCES NEW, LOWER PRICING FOR POWER SUPPLY
South Yarmouth, MA – Cape Light Compact has set the electricity supply rates for its green aggregation power supply program for the upcoming pricing term that begins with the June 2023 meter read dates and ends on December 2023 meter read dates for residential and commercial customers. The new rate reflects a 32% decrease in the Compact’ electric supply rate.
The Compact’s new residential pricing will be 14.839 cents per kilowatt-hour (kWh), a rate that is nearly 7 cents per kilowatt hour lower than the Compact’s previous rate that went into effect in December 2022. Compact power supply customers should see this price reflected on the electric utility bills that they receive in July.
After significant increases in global energy prices last year, the Compact’s new, lower rate is anticipated to save Compact customers an average of approximately $45 per month over electricity costs of April 2023, depending on their usage. The Compact’s rate is over 1 cent per kWh lower than the utility’s basic service rate.
The Compact’s power supply program currently serves over 145,000 customers across the Cape and Vineyard. Customers who receive electricity through other competitive suppliers can opt into the Compact’s power supply, which is 100% renewable by matching customers’ usage above state renewable requirements with renewable energy certificates (RECs). The Compact’s rate will remain fixed through December 2023. For more information, visit CapeLightCompact.org/power-supply.
“The Compact is dedicated to securing competitive rates for Cape and Vineyard electric customers, and we’re glad that customers will be seeing a decrease in energy costs this season,” said Compact Administrator Maggie Downey. “Residents and businesses can save even more by participating in our energy efficiency programs, which can help them reduce overall energy usage.”
While electricity rates will be lower this summer, the Compact recommends that customers continue to improve the energy efficiency of their homes and businesses. Increased efficiency leads to greater cost savings and reduces strain on the electric grid.
“Customers can begin with a no-cost home or business energy assessment, which can qualify them for additional incentives on weatherization, heat pumps, and other upgrades that will improve their efficiency for years to come,” said Downey. The Compact, the Cape and Vineyard’s Sponsor of Mass Save®, also offers rebates and instant incentives for energy-efficient appliances like window ACs, air purifiers, and smart thermostats.
With the summer season ahead, the Compact also suggests that customers with central air conditioning connected to a smart thermostat consider enrolling in the ConnectedSolutions Demand Response program. Customers can receive an incentive for enrolling their smart thermostat in this voluntary program, which allows the Compact to make minor adjustments to customers’ energy usage during peak events like heat waves. Information on ConnectedSolutions is available at CapeLightCompact.org/enrollmythermostat.
Though energy rates have gone down, there are many resources for customers who need assistance paying their energy bills. Customers can explore billing and payment options including gas and electric discount rates, fuel assistance, and arrearage forgiveness programs. Contact information for billing and payment assistance programs can be found below.*
Cape Light Compact Power Supply Pricing
In addition to the standard renewable power supply product, the Compact offers two CLC Local Green℠ options. CLC Local Green℠ allows customers to choose to have 50 or 100% of their total energy use matched with Massachusetts Class 1 RECs. Class 1 RECs are generated by renewable resources located in New England. While the standard power supply program helps directly finance new renewable energy projects, CLC Local Green℠ goes above and beyond to provide additional support for local renewable energy development in New England. Pricing for CLC Local Green℠ 50 includes a premium of 1.3 cents per kWh above the standard power supply price, and CLC Local Green℠ 100 includes a premium of 3.6 cents per kWh.
|Term||June '23 – Dec ‘23||June '23 – Dec ‘23||June ’23 – Sept ‘23|
|Local Green 50%||16.139||16.128||13.231|
|Local Green 100%||18.439||18.428||15.531|
The Compact’s new commercial rate for June through December 2023 meter read dates will be 14.828 cents per kWh and the industrial rate for the period of June through September 2023 meter reads will be 11.931 cents per kWh.
Customers not currently receiving their power supply from Cape Light Compact or who wish to opt in to the CLC Local Green℠ program can do so online at www.capelightcompact.org/power-supply or by calling the Compact’s power supply provider, NextEra Energy Services, at 1-800-381-9192 .
*Billing and payment assistance:
For help managing past due electric bills:
Call Eversource at (866) 315-2496 and ask about their new Arrearage Forgiveness Program
ABOUT CAPE LIGHT COMPACT JPE
Cape Light Compact JPE, is an award-winning energy services organization operated by the 21 towns on Cape Cod and Martha’s Vineyard and Dukes County. The Compact’s mission is to serve its 205,000 customers through the delivery of proven energy efficiency programs, effective consumer advocacy and renewable competitive electricity supply. For more information, visit www.capelightcompact.org.