Electric Bills Trending Lower in 2023 for NHEC Members by NHEC | Dec 21, 2022 | Rates, UncategorizedPLYMOUTH, NH – The New Hampshire Electric Cooperative (NHEC) Board of Directors has approved changes to rates that by February 1, 2023 will result in an overall bill decrease of 9.3%, or $14.43 per month for the typical residential member using 500 kilowatt-hours (kWh) of electricity per month. The first change will occur with bills rendered on or after January 1, 2023, when the Member Service Charge portion of members’ bills will increase by 1.3%, or $2.01 per month, from $31.02 per month to $33.03 per month. On February 1, 2023 a reduction in the Co-op Power Charge and the Regional Access Charge will result in a 10.5% decrease for typical residential members. The combined effect of these changes will result in an overall bill decrease of 9.3% per month, effective with bills rendered on or after February 1, 2023. The Member Service Charge is a fixed, monthly fee that helps cover the operating expenses of the cooperative, including the maintenance and improvement of its electric distribution system. The change was approved in part to fund increased investment in right-of-way clearing and other system reliability improvements. It will also help NHEC to keep pace with rising local property taxes, increased interest expenses and inflationary costs. The Member Service Charge is assessed to all NHEC members, regardless of how many kilowatt-hours of electricity they use. The reduction in the Co-op Power Charge and the Regional Access Charge rates reflect an easing of energy prices in the region, which is welcome news for NHEC members after a period of escalating energy costs. The Co-op Power rate and the Regional Access Charge are adjusted twice a year to reflect the actual cost of power that NHEC purchases for use by its members. NHEC does not mark up the rate it charges for power, nor does it profit from the sale of electricity. Effective with bills rendered on or after February 1, 2023, the Co-op Power rate will decrease from 16.98 cents per kWh to 13.78 cents per kWh. The Regional Access Charge reflects the cost NHEC pays to have electricity delivered to its substations, as well as a state-required refund of Regional Greenhouse Gas Initiative (RGGI) proceeds. The Regional Access Charge will decrease from 2.85 cents per kWh to 2.76 cents per kWh with bills rendered on or after February 1, 2023. A complete list of NHEC rates, charges and fees is available here: https://www.nhec.com/rates-tariffs/.