PROVIDENCE – The state is spending another $1.5 million of its gas cap-and-trade revenue to help offset electric rate hikes for low-income residents.
Gov. Daniel J. McKee and the R.I. Office of Energy Resources on Tuesday announced plans to tack on another $1.5 million from its Regional Greenhouse Gas Initiative funds to existing electric bill credits for eligible residents. The extra money is on top of the $3.8 million from the RGGI fund already allocated to reduce electric bills amid historic rate hikes.
In addition to the now-$5.3 million in RGGI funds, which are reserved for low-income customers who qualify based on receiving federal assistance, the state has also set aside $32.5 million from its settlement with PPL Corp. (Rhode Island Energy’s parent company) in electric bill credits. R.I. Energy also suspended its $6 monthly customer charge – separate from the bill for usage – for six months, while McKee previously pledged to introduce legislation next year to suspend the state’s 4% tax on electricity bills through April.
All of these relief efforts were approved by state utility regulators as part of their decision to sign off on the rate hikes that began Oct. 1. The R.I. Public Utilities Commission will also have to review McKee’s plan to add more RGGI funds to the bill credits, although the commission does not decide how the state spends that money, according to Thomas Kogut, a spokesperson for the commission.
Accompanying the additional funds, the state launched a new website aimed at helping residents learn about available funding and other resources to reduce their energy bills. More information is available at EnergySupport.ri.gov
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
