Belmont Light Proposes New Rate Design to Be Effective January 1
Category: Uncategorized | Posted On: October 18, 2022
Following a months-long study and discussion on the cost of delivering electric service to Belmont home, businesses, and municipal buildings, Belmont Light announces adjustments to it electric rate design to go into effect on January 1, 2023.
The new rate design allows Belmont Light to keep up with skyrocketing prices in the energy markets, sparked by a dramatic increase in natural gas costs, among a number of other factors while continuing to upgrade its electric delivery system and improve upon its reliability.
For the average Belmont Light residential customer, the new rate design will amount to an approximately $14-15 per month increase on their electric bill. Please read on for more details on the new rate design, what it means for you, and how we compare to neighboring towns on current and future electricity rates.
Below are proposed rate changes across all customer classes. Please note that the “Avg. Customer” shows the usage of the average customer in that class. These are meant as an example only and do not reflect what your actual bill will necessarily be.
How Do We Compare to Neighboring Towns?
No utility is immune to the rising costs of natural gas, especially in New England, where natural gas makes up more than half of all resources on the grid. However, due to Belmont Light’s ability as a municipal light plant’s (MLP) ability to sign long-term power contracts and not-for-profit business model, Belmont Light customers will see a dramatically lower increase on their electricity bills compared to their neighbors in towns and cities served by investor-owned utilities (IOUs) like Eversource, National Grid, and Unitil. Here is an example of how each utility’s increase would affect a customer using an average amount (500 kWh) of electricity per month: