TYNGSBOROUGH LOCKS IN RATES FOR TWO YEARS
TYNGSBOROUGH, MA – The Town of Tyngsborough has signed a twenty-four month contract with its current supplier, First Point Power. Beginning with the November 2024 meter reads, the Tyngsborough Community Choice Power Supply Program will have a new rate of $0.12994 per kWh. The Program will also continue to offer an optional product that uses 100% National Wind Renewable Energy Certificates at a rate of $0.13175 per kWh.
For Tyngsborough residents and businesses currently enrolled in the standard product, the current rate of $0.13803 per kWh will expire with the November 2024 meter reads, and the new rate of $0.12994 per kWh will take effect. This represents a decrease of $5 per month on the supply side of the bill given average usage of 600 kWh. In addition, this new rate is 19.1 percent lower than National Grid’s Residential Basic Service rate of $0.16055 per kWh. Residents can expect to see an average savings of $18 per month for the months of November 2024 through January 2025.
“Not only is the program rate decreasing, but the rate is also set for the term of the contract and will insulate ratepayers from market fluctuations that can occur,” said Colin Loiselle, Tyngsborough Town Manager. “The goal is to lock in a competitive price that provides savings now and that will provide stability for the next two years.”
Tyngsborough launched its electricity program in November 2017 in an effort to develop an energy program that would be stable and affordable. From inception through June 2024, the Program has saved residents and small businesses over $5.6 million in electricity costs as compared to Basic Service.
It is important to note that no action is required by current participants. The new rates will automatically appear on the December 2024 bills. Residents and businesses already enrolled will see First Point Power and the selected rate printed under the “Supply Services” section of their electricity bills.
The Tyngsborough Community Choice Power Supply Program has no fees or charges. However, anyone switching from a contract with a third-party supplier may be subject to penalties or early termination fees charged by that supplier. Ratepayers should verify terms before switching.
Basic Service rates change twice a year or more, depending on rate class. As a result, the aggregation rate may not always be lower than the Basic Service rate. The goal of the aggregation is to deliver savings over the life of the program against National Grid’s Basic Service. However, future savings cannot be guaranteed.
National Grid has several programs to help income-eligible families and customers needing special assistance meet their energy needs. To learn more visit nationalgridus.com/MA-Home/Bill-Help/Payment-Assistance-Programs.
Residents may also visit colonialpowergroup.com/tyngsborough or call (866) 485-5858 ext. 1 to learn more about Tyngsborough’s Community Choice Power Supply Program or to opt-in or opt-out.