Austin Brandt, Senior Power Supply Planner – 508-375-6623
For Immediate Release: December 1, 2020
CAPE LIGHT COMPACT ANNOUNCES NEW POWER SUPPLY PRICING
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 December 2020 meter read dates and ends on June 2021 meter read dates for residential and commercial customers.
The Compact’s new residential pricing will be 11.85 cents per kilowatt-hour (kWh), a rate lower than the utility’s basic service supply pricing. Compact power supply customers should see this price reflected on the electric utility bills that they receive in January.
“With so many households and business feeling uncertain about what 2021 will hold, the Compact’s power supply offering is a safe option that will deliver savings for customers, while continuing to support and invest in renewable energy generation.” said Maggie Downey, Cape Light Compact Administrator.
Since 2017, the Compact’s green aggregation power supply program has supported renewable resources by matching all customers’ electricity usage with renewable energy certificates (RECs), by purchasing RECs from New England-based projects above Massachusetts state requirements, and by helping to finance new renewable energy projects directly through the EarthEra™ Renewable Energy Trust. The Compact has also signed an agreement to purchase both renewable power and renewable energy certificates (RECs) from a new solar farm under development in Farmington, Maine, which is expected to be completed in 2021.
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 energy use matched with additional Massachusetts Class 1 RECs. These RECs allow for the customers’ energy usage to be matched with renewable energy sourced from 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 2.7 cents per kWh.
The Compact’s new commercial rate for December 2020 through June 2020 meter read dates will be 11.603 cents per kWh and the industrial rate for the period of December 2020 through March 2021 meter reads will be 10.649 cents per kWh.
The Compact’s December – June electric rates reflect the increase in New England-wide electricity market prices during the winter months. All retail and utility electricity suppliers face these regional winter price spikes. Higher per-kilowatt hour electricity rates reinforce the importance of participating in the Compact’s energy efficiency programs to reduce kilowatt hour usage.
“Residents and businesses alike can participate in our energy efficiency services to reduce their energy usage, which will reduce their bills. In light of the COVID-19 pandemic, we’ve shifted to offering virtual Home and Business Energy Assessments. These assessments help customers identify where they could be saving energy and money. We then connect them with rebates and incentives to help them implement the recommendations. We encourage customers to call our energy efficiency hotline at 1-800-797-6699 to get started,” said Downey.
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 .
New Power Supply Rates and Terms (all rates shown in cents per kWh):
|Term:||Dec. ’20 – June ’21 meter reads||December ’20 – June ‘21 meter reads||Dec. ‘20 – March ‘21 meter reads|
|CLC Local Green 50||13.15||12.903||11.949|
|CLC Local Green 100||14.55||14.303||13.349|
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.