Hudson Valley Community Power Announces Estimated Customer Savings of $3.4 Million for February 2022 Amid Record High Energy Prices
HUDSON VALLEY, N.Y., Feb. 25, 2022 /PRNewswire/ -- Hudson Valley Community Power (HCVP) today announced that customers enrolled in their municipal community choice aggregation (CCA) energy supply offering through Joule Community Power are estimated to save $3.4 million on electricity during the month of February. The approximately $150 in savings per HVCP customer comes on the heels of an estimated $1 million in savings, or $45 per account, in January as electricity rates continue to rise dramatically. Amid record-high natural gas prices, due to a colder than average winter, record high inflation, and international and domestic factors, Central Hudson Gas and Electric Corporation (Central Hudson) announced that customers receiving electricity from the utility should expect to see their bills increase by 46% as a result of a rate increase to $0.21628 per kWh for fossil fuel-based standard supply in February. Protected from volatile electricity prices, residential customers enrolled in HVCP pay a fixed rate of $0.06573 per kWh for 100% renewable energy through June 2024. Eligible residents and small businesses can opt into the program at any time, without incurring fees, on the program website: www.hudsonvalleycommunitypower.com.
At 7.5%, the U.S. inflation rate is at its highest point since 1982, and energy costs are a prime driver of this increase. According to the U.S. Bureau of Labor Statistics, energy prices were up 29% in 2021. Natural gas futures prices are up 61% from a year ago, indicating higher electricity prices are not likely to only prove a short-term point of pain and will continue to have a significant impact consumers' electricity bills going forward.
"With the high cost of day-to-day living, it's always challenging to plan family budgets. Given our participation in the CCA, it's a load off my mind not only that my electricity prices haven't soared, and knowing that they will be stable for the next few years, provides tremendous peace of mind. In addition to the cost savings, I'm happy to know that my energy needs are being met with local, renewable sources without any added effort or inconvenience," said program participant Nicholas Dedring of Beacon.
The savings achieved by participating in HVCP provide relief for customers serviced by Central Hudson as they have been plagued with billing issues since the utility began using new software in the fall of 2021.
CCA empowers municipalities to select their own energy suppliers and power sources, and helps move New York toward its goal of 70% renewable energy by 2030. The Cities of Beacon and Poughkeepsie, Towns of Clinton, Marbletown, New Paltz, Philipstown, Red Hook, and Saugerties, and the Villages of Cold Spring and New Paltz all participate in the HVCP clean energy program. Program administrator Joule Assets, via Joule Community Power, managed a competitive bidding process to secure for residents the fixed rate for 36 months. HCVP participants can opt out without penalty if they no longer wish to participate. Eligible residents can opt in any time at no cost by visiting the program website.
"We are thrilled our residents are able to reap both financial and environmental benefits during these difficult times," said Town of New Paltz Supervisor Neil Bettez. "Residents experiencing financial difficulties should consider joining Hudson Valley Community Power. Doing so will allow them to save money and help our planet by taking actionable steps towards addressing our growing climate crisis."
Joule Chief Executive Officer Jessica Stromback said, "We are proud to deliver much needed savings to tens of thousands of households during unpredictable financial times. Residents not paying a fixed rate are suddenly receiving extremely high bills, and the record high prices are putting undue stress on families already struggling financially. Unpredictable electricity prices make it hard for families to budget. Thankfully, residents enrolled in Hudson Valley Community can rest assured that their electricity rates will stay the same month to month through June 2024.
About Hudson Valley Community Power
Hudson Valley Community Power is a community choice aggregation program— comprising communities in NY's Hudson Valley—that enables participants to save money on electricity by pooling electricity demand in order to leverage the collective buying power of residents and small businesses in effort to secure more favorable terms on their electricity supply and community solar contracts, protect consumers, and support renewable generation sources. Since July 2019, the default electricity supply in participating communities is 100% renewable. The Town of Saugerties launched an electricity supply offering September 2021. Joule Community Power is the program administrator. To learn more, visit hudsonvalleycommunitypower.com.
About Joule Community Power
Joule Community Power (Joule) is committed to developing a clean energy future for all. Through our comprehensive portfolio of community choice aggregation and sustainability services, Joule ensures the at-scale uptake and deployment of new clean energy resources, enabling municipalities to deliver on their sustainability objectives. Joule's programs empower municipalities to make energy decisions for their own communities, thereby enabling local decision-making and empowerment. In doing so, Joule is shifting New York State's energy dependency from a utility-controlled, fossil fuel model to a municipally-controlled clean, renewable energy model for thousands of households at a time. As a first mover, in 2021, Joule launched the first and only opt-out community solar program in the U.S., bringing the benefits of solar—including guaranteed electricity bill savings—to entire communities. As of December 31, 2021, Joule represented 800,000 New Yorkers in 44 municipalities. Additionally, Joule enables consumers and institutions to take action and benefit from New York State's ongoing investment in sustainability initiatives. To learn more, visit joulecommunitypower.com.
SOURCE Joule Community Power
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