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New program price to provide savings when compared with National Grid’s winter rates and 36 months of price stability.
The Town’s electricity aggregation program, Nantucket PowerChoice, will offer new prices beginning in November 2021. Most Nantucket PowerChoice participants will see a price reduction, and all participants will see prices lower than National Grid’s six-month residential winter basic service price. The change is the result of a new electricity supply contract with First Point Power, which will take effect as Nantucket’s current contract with Dynegy comes to an end. Current program participants will be seamlessly transitioned onto the new contract rates, which will remain stable for three years.
Participants have two options within Nantucket PowerChoice, and the prices will change for both:
Both the new PowerChoice and PowerChoice Green prices are below National Grid’s proposed six-month winter residential Basic Service price of 14.821 cents/kWh, which goes into effect on November 1st.
With this new electricity supply contract, Nantucket PowerChoice will remain a strategic tool for the Town’s efforts to move away from fossil fuels and toward more sustainable energy sources. All participants will continue to receive a portion of their electricity generated from the Nantucket High School wind turbine. In addition, all Nantucket PowerChoice participants are eligible to receive a rebate of up to $4,000 for solar projects installed at primary residential properties or properties that provide year-round tenant housing through the Local Solar Rebate Program. The Local Solar Rebate Program, which is directly funded by Nantucket PowerChoice, has helped to support more than 60 new solar installations, with a combined output of 523 kilowatts of power.
To date, Nantucket PowerChoice has provided more than $7.5 million in savings to participating Nantucket residents and businesses in addition to long-term, stable prices. With this new contract, the program will offer another three years of price stability and the potential for additional savings. It is important to note, however, that future savings cannot be guaranteed and that the program price may not always be lower than National Grid’s price. This is because National Grid’s prices change every 6 months for residential and commercial customers and every 3 months for industrial customers, and future prices are not known.
The new prices will take effect with November meter reads and will first appear on December electricity bills. The new prices are fixed for 36 months until November 2024. Participants in Nantucket PowerChoice do not need to take any action to receive the new prices. All participants retain the freedom to opt out of the program at any time with no penalty or charge. Those who wish to change their program option or who do not wish to be enrolled in the new contract with First Point Power must make their request by October 22.
Nantucket PowerChoice is a green electricity aggregation, a form of group electricity purchasing in which the Town of Nantucket selects an electricity supplier on behalf of residents and businesses, secures a long-term price for electricity supply, and works to increase the amount of renewable electricity in the community’s electricity supply.
More information is available by visiting the program website at NantucketPower.org or by contacting Lauren Sinatra, the Town’s Energy Coordinator at 508-325-5379 or Lsinatra@nantucket-ma.gov.