Versant Power offers new rates, potential cost savings for customers
Thursday, January 19, 2023
Versant Power has expanded certain rates and created new rates to offer savings for customers using electric vehicles, energy storage, heat pumps and heat pump water heaters.
As a result of An Act to Advance Energy Storage in Maine, the Maine Public Utilities Commission
approved agreements to implement rates encouraging efficient adoption of electric vehicles, energy storage, heat pumps and heat pump water heaters.
The new and/or expanded rates encourage electricity use during periods of lower demand and aim to help customers save money. While Versant Power has had a heat pump rate for customers for nearly a decade, rates for electric vehicles, energy storage, and heat pump water heaters are new. For customers enrolled in current rates, no changes will be made and re-enrollment is not necessary.
“As we increasingly look to use electricity for our clean energy needs, it’s important for us to provide options to encourage cost-effective use and ensure customers benefit from it,” said John Flynn, Versant Power President.
Newly expanded rates are available as follows:
- Home Heating Eco Rate: An expanded rate is available for homes using heat pumps and/or a heat pump water heater for at least 50 percent of their heating needs. This is the same as our residential space heating service rate but now adds heat pump water heaters.
- Home Eco Time-of-Use Rate: A new time-of-use rate is available for electric vehicle charging and/or battery storage. This is currently only available to customers in the Bangor Hydro District. A new rate will be available in the Maine Public District after Versant Power’s meter replacement project is complete.
- Business Heating Eco Rate: An expanded rate is available is for businesses using heat pumps and/or heat pump water heater(s) for at least 50 percent of their heating needs. A new rate will be available in the Maine Public District in April 2023.
- Business Eco Rate: An expanded rate is available for businesses offering Level 2 electric vehicle charging and/or battery storage.
“We’re pleased to be a trusted partner in helping regulators and lawmakers advance energy-efficient options,” said Flynn.
Additional rates will become available in April 2023 for electric vehicles and battery storage and feature separately metered EV charging and/or storage. Another set of new rates also will be available upon completion of Versant Power’s meter replacement project.