Tonight Colerain Township announced a new electric price of $0.0539 per KWH for residents who are a part of the Colerain Township Electric Aggregation program with Energy Alliances Inc. and Dynegy Energy.
“This price represents a significant decrease in electric rates for residents. Currently, Township residents pay $0.0599 per KWH on their electric bill – a substantial savings over last year’s annual average Duke Energy price of $0.0631 per KWH. Now residents will save even more.” said Board of Trustees President Mike Inderhees.
“To achieve this price the Township was able to “blend and extend” its existing contract into one that locks in this low price until our residents’ May meter reading in 2020 – guaranteeing access to a safe, low rate for 3 years. It’s a big win for our residents.” said Township Trustee Jeff Ritter. In addition, those residents who are interested in using clean, renewable energy may opt-into Dynegy’s “Green-e Energy Program Option” for $0.0549 per KWH.
What does this mean for the average Colerain resident?
The average Colerain resident uses about 1,200 KWH of electricity each month and would have paid $908.64 for electric generation as a typical Duke energy customer last year. For the typical resident that was a part of the Townships aggregation program, they paid $862.56 – an annual savings of $46.08. With the new low price, Colerain Township residents can expect to save even more - $132.48 annually when compared against Duke’s 2016 retail price.
“When you think about the combined savings for our residents over the last three years as part of the program, the savings has been astronomical! Participating residents collectively saved $3,325,000 over Duke’s retail price!” said Township Trustee Greg Insco.