Current events have caused the price of electricity to spike in New England this winter. Here’s what people are doing about it.
Beginning this month, many New Englanders may see the cost of their energy bills jump up by over $80 per month, according to multiple news sites in the area. Back in November, the two largest energy companies in Connecticut, Eversource and United Illuminating, announced the price increase which is set to take effect this month.
This price hike is so severe that officials from Massachusetts and Connecticut have held a joint hearing to investigate the causes behind it. During the hearing, representatives of Eversource and UI said their companies would not be making any additional profit from the price increase because they were only passing along increased supply costs.
The companies both stated that the main reason for the price increase is the inflated cost of natural gas. Starting with Russia’s invasion of Ukraine in early 2021, the price of natural gas has skyrocketed across the globe. It is only in the last few weeks that prices have begun to stabilize.
Most of New England heavily relies on natural gas for its electricity, but this recent price hike is showing why solar power can be such a powerful alternative for consumers throughout the region. In Massachusetts alone, households that invest in solar power save, on average, more than $2,000 a year.
One of the best parts of working at Summit Solar is getting to help customers figure out which solar solutions will be the best for them. We are dedicated to helping you throughout the entire installation process, from beginning to end. With this recent spike in energy prices across New England, there has never been a better time to make an investment in your solar future.