For Immediate Release: May 24, 2017
CAPE LIGHT COMPACT ANNOUNCES ELECTRIC SUPPLY PRICING
Barnstable, MA – Cape Light Compact announces pricing for its 100% renewable power supply program. Pricing will start with June meter reads, and will offer savings to residential customers versus proposed basic service pricing.
“The Compact is proud to be 100% renewable and continue to remain competitive in our pricing. Electric ratepayers can feel good about their electricity by supporting renewable energy regardless of whether they install their own renewable generation, while still having the pricing stability that the Compact provides, with no contract or surprises” said Maggie Downey, Cape Light Compact Administrator.
In January, the Compact partnered with NextEra® Energy Services Massachusetts, LLC (NextEra Energy Services) to add a sustainability focus to its power supply program. NextEra will provide additional EarthEra™ renewable energy certificates (RECs) equal to 100% of the Compact’s customers’ energy usage, in addition to all RECs required to comply with Massachusetts Renewable Portfolio Standards.
Besides the provision of the EarthEra™ RECs, the Compact’s EarthEra program participation is also funding new renewable projects through the EarthEra Renewable Energy Trust. The Compact’s agreement with NextEra Energy Services requires that 100% of all proceeds deposited in the Trust are to be used to develop new renewable projects in North America with an effort to direct those funds to projects in New England.
The Compact’s 100% renewable residential supply price is 10.550 cents per kWh, starting with June 2017 meter reads and ending with December 2017 meter reads, which is lower than Eversource’s proposed basic service price for the upcoming term.(1)
The Compact’s new commercial rate for June 2017 through December 2017 meter read dates is 10.930 cents per kilowatt hour. The Compact’s new Industrial rate for June 2017 through September 2017 meter read dates is 8.330 cents per kilowatt hour. Both are competitive with Eversource’s proposed basic service pricing.(2)
Unlike past summers, where pricing for the summer and fall has generally decreased from the first half of the year due to winter natural gas pipeline constraints, the pricing for this term is increasing slightly from current rates due to increased capacity market costs. All retail suppliers that serve customers in New England are facing these increased costs. Capacity costs are payments that are made to generating facilities to ensure that there is enough generation built and available to operate when called upon to meet peak demand, such as those hot summer days when everyone is running their air conditioners. This is one of the reasons why the Compact is offering the Smart A/C Savings program this summer, which will allow customers to reduce their air conditioning demand and save energy during peak hours by using Wi-Fi thermostats and mini-split control units. Customers interested in participating in the Smart A/C Savings program can find out more about the program on the Compact’s website, www.capelightcompact.org/smart.
If customers choose to shop around for their electricity, the Compact encourages customers to carefully consider the terms and conditions that come with competitive supply offers and to never give out their electric account number unless they are sure that they want to sign up with a competitive supplier.
“We’ve heard from customers that are getting solicitations all the time from competitive suppliers, especially over the phone and through the mail,” said Austin Brandt, the Compact’s power supply planner. “Many of these are short term options that switch to a variable rate after a few months, or longer term options that lock you in for an extended period of time rather than following the market price. The electricity supply marketplace has grown quite a bit over the last few years, and there are a lot of suppliers out there, which gives customers plenty of options for their electricity. We encourage customers to do their research and make sure they understand all of the terms of the offer before they sign up with a competitive supplier,” he said, adding “One of the benefits of the Compact’s power supply program is the fact that it doesn’t come with a contract or any terms and conditions for the customer.”
The Compact has information on things to consider when evaluating competitive supply offers on its website at www.capelightcompact.org/power-supply. In particular, customers should consider the following:
- How long will the offered price last? Will market prices be higher at the end of the term? Does this mean the customer won’t actually save money by switching?
- Check the length of the contract. What will happen once the contract term is over? Will your contract be automatically renewed unless you take action? If so, what will the rate be? Will it be a monthly variable rate that the customer has no control over?
- Are there termination fees if someone wants to leave the contract early?
- Are there monthly service fees? There are some suppliers that charge a monthly service fee in addition to per kWh charges.
- Are there provisions allowing for the “fixed” price to change if there are regulatory or governmental changes?
- Are there provisions allowing for the supplier to terminate the contract if it is no longer profitable for the supplier to continue serving the customer?
- If your usage changes or if you sign up for net metering, will your price change?
About Cape Light Compact
Cape Light Compact is an award-winning energy services organization operated by the 21 towns and two counties on Cape Cod and Martha’s Vineyard. The Compact’s mission is to serve its 200,000 customers through the delivery of proven energy efficiency programs, effective consumer advocacy, competitive electricity supply and green power options. For more information, visit www.capelightcompact.org.
About EarthEraTM Renewable Energy Trust
(1) Eversource Residential (10.759 cents/kWh) and Commercial Pricing (10.764 cents/kWh) valid from July 1, 2017 – December 31, 2017
(2) Eversource Industrial Pricing valid from July 1, 2017 – September 30, 2017 (8.444 cents/kWh)
For More Information Contact:
Austin Brandt – (508) 375-6623
Lindsay Henderson – (508) 375-6889