WARWICK – Rhode Island residents and businesses will see their monthly electricity bills drop significantly beginning April 1.
The R.I. Public Utilities Commission on Tuesday unanimously approved National Grid Rhode Island’s standard offer services – the electricity rates offered to residential, commercial and industrial customers – for the six months beginning April 1.
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The approved rates represent significant decreases over the rates charged during the current, six-month period, as well as rates charged last summer, as follows:
- Residential rates will be set at an average 7.57 cents per kilowatt hour, compared to the current 10.96 cents currently and 9.24 cents last summer;
- Fixed-price commercial rates will be set at an average 7.01 cents per kilowatt hour, compared to 10.25 cents currently and 9.11 cents last summer;
- Industrial rates will be set at an average 7.24 cents per kilowatt hour, compared to 11.56 cents currently and 9.62 cents last year. Industrial rates last through June, not September.
An average residential customer using 500 kilowatt hours of electricity per month will save approximately $18 month on their electricity bill, from $118 to $100, under analysis submitted by National Grid.
The standard offer services approved Tuesday do not reflect final prices, which will be adjusted slightly to account for administrative costs and renewable energy charges. The final price will be set by a separate commission vote in March. Even a slight increase in residential rates to 8.5 cents per kilowatt hour accounting for these factors will still be the lowest since the summer of 2017, saving customers about $13 per month, according to a statement from National Grid.
National Grid adjusts its rates for residential and small to medium-size commercial customers twice per year, with prices determined by the market.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com. Follower her on Twitter at @NancyKLavin.
