Gault Energy, whose Westport heating and cooling roots date back more than a century, today announced it has added lower-cost electricity to its energy offerings.
The company said it is partnering with Norwalk-based Verde Energy USA, a Connecticut-licensed Department of Public Utility Control (DPUC) electricity supplier.
Gault Energy’s decision to partner with Verde Energy USA and offer customers electricity signals a growing demand among Connecticut consumers for lower cost alternatives in a state whose electric rates are the highest in the lower 48 states, the company said.
Offering electricity at a discounted rate of 10 to 15 percent below the going UI and CL&P rates, Verde Energy USA said it estimates that a residential customer who uses 2,000 KWH/month will save upwards of $400 per year.
It said a business customer who uses 7,000 KWH/month will save upwards of $1,500 per year.
As one of only 15 states in the country to have de-regulated its electric power industry, Connecticut has given every consumer in the state and opportunity to choose a company other than UI or CL&P as their energy supplier, said Gault Energy President Sam Gault.
“At Gault Energy, we’re all about helping homeowners make smart energy choices,” he said. “Making the switch to a lower cost electricity alternative that will save consumers hundreds of dollars a year just makes good sense, especially during these tough economic times.”
Gault said that many of his current customers have been considering making the switch to a lower cost supplier but were hesitant to sign on with a company they aren’t familiar with.
“We know that people like to do business with brands they know and trust,” he said. “We’re hoping that our entry into the electricity market will inspire Fairfield County homeowners and businesses to make the switch.”
For more information, visit www.gaultenergy.com and click on Gault Power.
Nothing against Gault but this site from the state allows you to enter you usage info and see who offers what savings: http://www.ctenergyinfo.com/
Yes, this works. It is a good deal (until its not.)
It is a way to save money now. Gault/Verde resells at the current spot rate (which can change instantaneously depending on market conditions). Gault/Verde also allows you to switch to another supplier or back to UI/CLP on 30 days notice……which you will probably have to do at some point in the future when the spot rates moves against you.
This is not a case where Gault/Verde is magically more efficient generating electricity than UI & CLP.
UI & CLP by state law are not allowed to sell to residential consumers at the spot rate. By law they must use long term supply contracts to lock in smooth and stable rates for consumers; they have been using 3 year contracts, a portion (1/6th) of which they roll over every 6 months.
In effect, UI & CLP are providing the equivalent of a 3 year moving average of historical spot rates.
Right now, the current spot rate is much lower than the 3 year moving average……which is why all these alternative suppliers have come out of the woodwork even though CT deregulated 10 years ago!
Until spot rates again move or jump upward, in which case UI & CLP may then again be the better deal.
So switch now to save money, but pay attention every month! And be ready to switch back when the spot market moves against you.