Thursday, March 28, 2024
Today, the City of Providence announced that the new summer supply rate for the Providence Community Electricity program will go into effect beginning with the May 2024 meter read. Prices will be substantially decreasing, from 17.64 cents/kWh this past winter to 10.29 cents/kWh for the City’s default electricity option. The new prices will be fixed for a period of six months through the November 2024 meter read, offering Providence residents a competitive alternative to Rhode Island Energy’s recently announced supply rate of 10.377 cents/kWh. Current participants do not need to take any action to remain in the program and receive the new pricing for the product in which they are currently enrolled.
“Today marks another milestone in our commitment to providing cleaner, more affordable electricity to the residents and businesses of Providence,” said Mayor Brett P. Smiley. “With the new summer supply rate, we continue to deliver on our promise of sustainability and savings. Through initiatives like the Providence Community Electricity program, we are making renewable energy sources more accessible and reducing our carbon footprint all while helping our community members save money on electric bills”
Most participants in Providence’s program use “Providence Standard” which provides more renewable energy than RI Energy’s Last Resort Service and will still provide cost savings this summer. The additional renewable energy is sourced entirely from local Rhode Island projects, including the Narragansett Bay Commission wind turbines at Fields Point in Providence, solar in West Greenwich and additional wind turbines in Coventry.
The following table shows the prices for residential customers compared to RI Energy.
|
|
Rhode Island Energy Last Resort Service (if you opt out) |
Providence Basic |
Providence Standard (Community Default) |
Providence 50 |
Providence 100 |
|
|
|||||
|
Residential Price |
10.377 ¢/kWh |
10.048 ¢/kWh |
10.291 ¢/kWh |
11.116 ¢/kWh |
13.545 ¢/kWh |
|
Voluntary Renewable Energy |
No additional renewable energy |
No additional renewable energy |
Adds 5% voluntary renewable energy (RI New RECs) |
Adds voluntary renewable energy (RI New RECs) to total 50% |
Adds voluntary renewable energy (RI New RECs) to total 100% |
|
Duration |
Apr. 1 through Sept. 30, 2024 |
May through November 2024 Meter Reads |
May through November 2024 Meter Reads |
May through November 2024 Meter Reads |
May through November 2024 Meter Reads |
|
The Last Resort Service Rate above reflects the total rate as filed by Rhode Island Energy in dockets PUC 24-04-EL, 24-07-EL and 24-08-EL, and the rate has not yet been approved by the PUC as of March 19, 2024. The Providence Community Electricity Program cannot guarantee savings compared to Rhode Island Energy Last Resort Service for the duration of the Program pricing because future Last Resort Service prices are unknown. |
|||||
Prices for commercial and industrial customers can be found on the Program website at Electricity.ProvidenceRI.Gov.
Residents and businesses may also choose to increase the renewable energy content of their electricity supply to 50% or 100% renewable at any time. Enrollees are also allowed to opt-out of the program at any time with no cost.
May 2024 will also mark the one-year anniversary of the Providence Community Electricity program. The voluntary renewable energy content in the Program’s standard and optional products comes from projects that qualify as RI New and makes a sizable impact on the City’s carbon footprint. In the first ten months of the program, participants purchased more than 17,600 megawatt-hours of voluntary renewable energy, equivalent to displacing over 13,000,000 pounds of carbon dioxide emissions.
Residents are encouraged to take advantage of state and federal incentives that help save energy and money, like energy efficiency assessments at no-cost and rebates for high-efficiency electric heat pumps. More information about Providence Community Electricity can be found online at Electricity.ProvidenceRI.gov. Residents and businesses interested in entering the program, changing between renewable energy tiers, or that would like to opt-out can still do so when they reach out to the program’s supplier, NextEra Energy Service, at (888) 387-1084 or by visiting the program website.