Starting in March 2017, Hamiltonians will save in excess of $250 on average over a 21-month period on their electricity costs thanks to a contract awarded through the town’s energy aggregation program.
Mayor Kelly Yaede has announced that following the Township Council’s approval of a contract to South Jersey Energy – which provided a lower electricity price than five other qualified suppliers through a competitive bid process conducted by the Township’s energy consultants, Gabel Associates – Hamilton’s Energy Aggregation Program is set to proceed.
Under full participation across the township, the aggregate savings to Hamilton electricity customers could be upwards of $8.5 million over the course of the 21-month contract.
“I am pleased that the Township Council has revisited this issue and has joined me in this cause to lower electricity costs for our residents. The reason I proposed this initiative for our community is so we can reduce costs for our hardworking families. The program will allow our residents to keep more of their hard-earned dollars, rather than paying higher electricity prices,” says Mayor Yaede.
Energy Aggregation seeks to reduce electricity costs for consumers by the bulk-purchasing of electricity from a third-party supplier through a program that is regulated by the New Jersey Board of Public Utilities.
Mayor Yaede first proposed the program to help save residents on electricity costs in 2014. Since then, more towns across the state have sought energy aggregation for their communities.
In addition to the electricity savings secured through Hamilton’s aggregation program, the contract prohibits any additional “pass-through” costs that might result from regulatory, legislative or judicial action during the contract period. Hamilton also has the right to renegotiate the contract price and/or terminate the agreement should the PSE&G tariff price drop below the contract price.
With the award of the supplier now complete, as part of the New Jersey Board of Public Utilities regulated program letters will be mailed to Hamilton residents who would be automatically included to participate in early January 2017 to allow an initial 30-day period where residents may choose to opt-out of the program.
Following that period (in mid-February 2017), residents will then receive a second letter from PSE&G to confirm the decision, prior to the beginning of the program in March 2017.
Residents can learn more about the program at HamiltonNJ.com/Energy which includes:
- Program Power Point Presentation
- Video of the Presentation
- A Frequently Asked Questions Guide for the Program
- Information How Any Resident Can Opt-Out of this Program