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Connecticut bond commission approves $145 million to extend electric bill credit

State borrowing approved Tuesday will keep public benefits charges off residential electric bills through at least April 30, 2027, Gov. Ned Lamont's office said. The package includes $125 million for low-income affordability programs and $20 million for EV charging infrastructure.

The State Bond Commission voted Tuesday to approve a second round of state borrowing that Gov. Ned Lamont's office said will keep public benefits charges off Connecticut residential electric bills through at least April 30, 2027.

The package includes $125 million for electricity affordability programs for low-income customers and $20 million for the state's electric vehicle charging infrastructure program, according to the governor's office. Lamont chairs the commission, which met in Hartford.

The public benefits portion of an electric bill pays for electricity procurement, energy efficiency and electrification programs, help for low-income customers, and the cost of running ISO-New England, the nonprofit that oversees the regional power grid.

The first round of borrowing under the same authorization was approved in August 2025 and included $125 million for affordability programs and $30 million for the EV charging program, the governor's office said. After those funds were released, the Connecticut Public Utilities Regulatory Authority approved a reduction in public benefits costs that took effect in September 2025.

The office said the bond funds are cutting the average residential bill by 3% to 5%, and that since May 1 the public benefits category has appeared as a credit on customers' bills — a result, it said, of the borrowing combined with fixed-price contracts with the Millstone and Seabrook nuclear plants.

Residential bills for Eversource and United Illuminating customers in Connecticut have fallen by an average of 18% so far in 2026, the governor's office said, attributing the drop to the public benefits reductions and to supply rate cuts that took effect July 1.

The borrowing was made possible by a recently enacted omnibus energy affordability law that Lamont's office said was developed with Democratic and Republican lawmakers.

This brief was drafted by AI from a public agency press release and published by The New England Signal. Why we use AI for stories like this one.

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