Maryland: Lock In Electric Rates Before they Increase

On April 8, 2019, in a victory for clean energy and climate policy in Maryland, the General Assembly gave final approval to the Clean Energy Jobs Act. The legislation will transform the way electricity is used in the state, making roof-top solar power and utility-scale solar common forms of generation by increasing the state’s Renewable Portfolio Standard (RPS) to 50% of the total grid by 2030 and requires the state to examine pathways for achieving 100% clean power by 2040.

One major change residents and business owners will face through this bill are increased electricity rates for all customers in the state to cover the cost of compliance. However, customers who are under supply contracts prior to October 1, 2019 will not be subject to the cost increases associated with RPS compliance for the term of such contracts. We estimate that the rate hike will cost average size businesses around $100 per month.

Honeydew Energy Advisors can help you shop for energy supply rates before the deadline so you can lock in a rate that doesn’t include the RPS increase. Even if you’re on an existing contract, as long as you extend it prior to October 1, 2019, you’ll receive a rate that does not include these cost increases. When you combine this factor with typical savings found by sourcing a more competitively priced electric and natural gas supplier, you could be looking at thousands of dollars in annual savings for your company or community association.

Contact Honeydew Energy Advisors today to find out if you’re able to save on electric expenses by locking in supply rates before prices increase on October 1, 2019.