Lower rates for Eversource and United Illuminating go into effect July 1, so you should see a drop in your electric bill.
The Public Utilities Regulatory Authority approved plans from the two utility companies in May.
Eversource’s rates will drop from 12.42 cents per kilowatt-hour to 8.25 cents, which would equate to saving around $31 per month for an average residential customer who uses 700 kilowatt hours per month, according to a news release from the power company.
The new rate is in effect from July 1 through Dec. 31.
All Eversource customers have the option to buy their power from other retail suppliers or go with the company’s Standard Service rate and the new rate will affect around 801,000 or 64 percent of Eversource’s 1.25 million Connecticut customers.
As of July 1, UI's residential generation rate will decrease from 13.3108 cents per kilowatt hour to 9.1241 cents per kilowatt hour. The generation rate is around 50 percent of the monthly electric bill for most residential users, according to PURA.
UI officials said in a press release that the reduction "reflects the decrease in the price of electricity generation in the wholesale market."
