Nantucket PowerChoice Offers Price Stability and Savings Amid Market Increases

Prices for Nantucket PowerChoice, the Town of Nantucket's electricity aggregation program, will change in November as the current contract ends and a new, 24-month contract takes effect. While prices will increase to reflect shifts in electricity market conditions and regulatory costs, they will remain competitive with National Grid's rates and offer two years of stability.

New Nantucket PowerChoice Prices:

• PowerChoice Standard - 13.967 ¢/kWh: The new price is 13% lower than National Grid's current residential price of 16.055 ¢/kWh and less than its current commercial price of 14.823 ¢/kWh
• PowerChoice Green - 16.847 ¢/kWh: This option will continue to provide electricity that is 100% from renewable sources.

Both prices are fixed until November 2026.

Nantucket's municipal aggregation was unanimously approved at the 2016 Annual Town Meeting (Article 104) to help the local community to save money and protect against dramatic seasonal price swings. Since the program's launch in 2017, participating Nantucket residents and businesses have realized more than $32 million in savings compared to National Grid's prices. Though because National Grid's prices change, and their future prices are unknown, future savings cannot be guaranteed.

Nantucket PowerChoice also enhances the island's sustainability through local renewable energy investments. The program directly supports the Nantucket Local SOLAR Rebate Program, which provides up to $6,000 to participants who install solar on their primary properties. To date, over $600,000 has been awarded, supporting 132 solar projects and adding 1,167 kW of clean energy to Nantucket's power grid. Additionally, the program has purchased 1,272 Renewable Energy Certificate (RECs)-equivalent to 1,272 megawatt-hours [MWh] of electricity-generated by the Nantucket High School wind turbine, further greening the program's electricity supply, while contributing $36,695 directly to Nantucket Public Schools.

"Our community has greatly benefited from Nantucket PowerChoice since its launch. Over the past seven years, the program has delivered millions in savings to local residents and businesses, while advancing our commitment to sustainability through solar projects and clean energy investments," said C. Elizabeth Gibson, Nantucket's Town Manager.

"As we move forward with this new contract, we remain focused on providing stable, competitive rates that support local renewable energy generation, reduce the island's reliance on fossil fuels, and manage peak load growth-all contributing to a more resilient Nantucket," stated Lauren Sinatra, the Town's Energy Coordinator overseeing the aggregation program.

No action is required for current Nantucket PowerChoice participants. All active program participants will be automatically enrolled into the new pricing for their current program option with their November 2024 meter read, which will appear on December 2024 National Grid electric bills. First Point Power will remain the program's electricity supplier, maintaining a record of excellent customer service. Participants will continue to see "First Point Power - Nantucket PowerChoice" on their bills.

Participants are free to choose a different program option or leave the program at any time with no penalty or fee. Those wishing to make changes before the new prices take effect should submit their request no later than 14 days before their November 2024 meter read date, found on their October National Grid electric bill.

To enroll, make changes to enrollment, or get more information, the public is encouraged to visit the program website at www.nantucketpower.org.