Utilities, Regulation, Sourcing Renewables - April 9, 2020
City of Princeton launches community RE program
The City of Princeton, N.J., announced April 7 a new community renewable energy program that will provide an electric supply with 50% renewable energy content to residents at a slightly cheaper price than the local utility.
Starting in June, residents will receive energy with higher renewable energy content than the energy provided by PSE&G, which contains 24% clean energy. Residents will receive this power for $0.13053 per kWh, compared to the previous $0.13508 per kWh. These prices are guaranteed for up to 18 months.
The city initiated a request for bids for the project in November and awarded the contract last month to Constellation NewEnergy. Residents will also have the ability to “opt-up” to a 100% renewable energy product at a price of $0.13653 per kWh.
“Implementation of this program will help enhance air quality in the region, generating health benefits for all, and will not impede the municipality from ensuring the health and safety of its residents in any way,” the municipality wrote in a statement. “Additionally, there is no cost to the municipality to offer and maintain the program and it benefits residents in the form of slightly lower utility expenses.”
Residents will also have the option to fully opt-out of the program if they so choose.
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