The State Bond Commission last week agreed to borrow $155 million to help offset the cost of residents’ electric bills, at least partially delivering on a promise of savings made by lawmakers during the most recent legislative session.
By borrowing money to pay for some of those programs, officials estimated customers could see an average of between $5 and $10 savings on their monthly electric bills starting in September, depending on usage and which utility customers get their electricity from.
The initial tranche of borrowing approved by the Bond Commission on Friday included $125 million to pay off unpaid bills that accumulated during the COVID-19 pandemic, along with $30 million to cover the costs associated with the state’s electric vehicle charging program. Both costs were previously included as part of the public benefits charge.
