Connecticut Borrows $155M to Lower Electric Bills Through 2027

Connecticut's State Bond Commission approved borrowing $155 million to reduce electric bills by offsetting the public benefits charge, providing immediate relief to ratepayers by lowering monthly bills by an estimated $5 to $10 depending on usage and utility provider. This move follows bipartisan legislation aimed at lowering electricity costs, with additional funding allocated for hardship protection measures and electric vehicle charging incentives. Governor Ned Lamont emphasized that while these steps provide short-term relief, long-term solutions require reducing demand and increasing electricity supply. The borrowing also addresses unpaid bills accrued during the COVID-19 pandemic and is expected to continue saving consumers into 2027. Republicans criticized the public benefits charge as a driver of high bills but still supported the bond issuance to ease the financial burden on consumers. The initiative is part of a broader package including transportation and housing funding, reflecting a comprehensive approach to managing state resources and public concerns about energy affordability.