Connecticut lawmakers are considering a move that could reduce electric bills by as much as 20%.
Democratic State Senator John Fonfara, the bill's author, said it would reduce electricity costs in three ways.
First, by issuing $800 million a year in green bonds to eliminate the public benefits charge on customers’ bills.
“This is mirrored after New York, which did about a $4 billion green bond, and Massachusetts, another green bond,” he said
Second, by creating a statewide authority to buy cheaper electricity on behalf of the state’s two major utilities. “The way that supply is accomplished is much more aggressive, much more strategic.”
And third, making the state’s existing electricity infrastructure more efficient, and making smart meters universal.
“Every home that has solar on it, every business that has solar on it is a mini power plant. But it doesn’t discharge when we need it. It discharges in the middle of the day when we don’t need it,” Fonfara said.
House Republican Leader Vincent Candelora said the bill’s concepts have some bipartisan support, but the details would have to be worked out.
“We look forward to that bipartisan conversation that is so needed to try to address the concerns of the business community and our residents about the impacts of high electric costs,” he said.
