Gateway Financial Partners

Shocking News: Your Electricity Rate May Have Just Doubled!

If you live in Connecticut like I do, you have gotten used to a high cost of living, including high energy rates. But the latest change in our electricity rates is shocking (pun intended) even by CT standards. On 1/1/23, the standard residential electricity rate for Eversource customers went from $0.12 per kWh to $0.24. That is a 100% increase!! The rate for United Illuminating (UI) customers is slightly cheaper, but also jumped from $0.11 to $0.21 on 1/1/23. Per the State of CT’s Office of Consumer Counsel, these changes will translate to an increase of $80-85 per month in the cost of electricity for the average user, which is in the range of $1,000 per year!

Luckily there is something that CT residents can do about this. The solution is to exercise your right to use an alternative electricity supplier. Eversource (or UI) will still bill you and be on point for any service needs but behind the scenes the actual electricity would be coming from another company. Start by going to to look at your options. Personally, I selected Town Square Energy because, in my location, they had the cheapest rate of $0.14 fixed for 22 months. And keep in mind that you can cancel at any time without any early termination fees.

I’ve been playing this game for years and saved hundreds of dollars per year on average, and this year might be even more. But the key is that you have to stay on top of this! The alternative carrier is not guaranteed to be cheaper forever. In fact, they can increase your rate at the end of your fixed period to be more than the Eversource or UI rate so you have to be prepared to switch again at that point. Also, Eversource and UI will announce another rate change on 7/1/23 so you need to check in at least every 6 months to assess the new rates and alternatives.


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.


About the Author

Neil Manning
Neil Manning CFP, AIF, CDFA, FSA - LPL Financial Advisor
I am a reformed actuary turned financial advisor, helping my clients with everything from investments to retirement projections to LTC insurance since 2014.  Unlike most normal people, I love numbers and finance – I’m currently reading a book about game theory which my wife and two teenage daughters think is unbelievably boring (they are wrong).  For more details about my background, check out my website below.
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