Maine Electricity Rates: Compare Prices Fast
Maine is the northernmost state in the New England area of the United States, with a population of 1.3 million. Every electricity customer from small business owners to homeowners in Maine can choose from different competitive electricity providers (CEPs) offering various energy plans. Maine residents can save on energy by comparing Maine electricity rates and choosing the best energy plan for them.
General Information on Maine Electricity Rates
Maine is leading the United States in renewable energy generation, with over 80% of its electricity production coming from hydroelectric, solar, wind, and biomass power. Other sources of electric generation include natural gas, petroleum, and coal. Green energy plans have a slightly higher per kilowatt-hour (kWh) rate but are generally preferred by Maine residential and business customers.
For all Maine residents, your electricity bill is divided into two categories – supply and delivery services.
The supplier services include electric generation services from your electric supplier. The supplier rates depend on the cost of producing electricity, and that depends on the method of generating electricity. Customers can choose from different energy suppliers depending on where they live in Maine.
Each energy provider offers different energy rates and plans; the supply charges include the price per kilowatt-hour, early termination fees, and cancellation fees, among other things.
Your local utility company provides electric delivery services. The utility company is responsible for delivering your electricity, maintaining power lines, and handling power outages.
The electric delivery rate includes delivery charges, stranded costs, and any other fee included by the Maine Public Utilities Commission (MPUC).
The two utility companies operating in Maine are the Central Maine Power Company (CMP) and Versant Power (previously known as Emera Maine) that provides electric delivery services to the Bangor Hydro and Maine Public District.
You can learn more about Maine electric rates and tariffs here.
Energy Deregulation and How It Affects Maine Electricity Rates
Energy deregulation in Maine allows all electricity customers to choose a competitive electricity provider. You can find different energy plans by various electric suppliers offering competitive electric rates.
Competition in the energy market has helped reduce Maine electric rates below the national average. It has also given rise to green energy plans, making them abundant across Maine.
If you don’t choose a CEP, you will receive the Standard Offer Service from your local utility company. The Standard Offer Rate is also your Price to Compare that you can use to check the rates offered by other energy companies
The Standard Offer price is regulated and approved by the Maine Public Utilities Commission, and is usually much higher than the prices offered by various CEPs.
Finding the Best Maine Electricity Rates
All Maine residents can choose from several competitive electricity providers and opt for the best energy plan for them. Some energy companies offer low rates, while others offer benefits and incentives with higher rates.
You can compare the rates and prices of different CEPs against the Standard Offer and make an informed decision. You can search and try to shop for rates yourself, but watch out for the fine print, hidden fees, and escalating rates once your term ends.
Alternatively, you can use Arbor’s free TrueRate Protection service to automatically find and switch to the best Maine electricity rates in your area.
Arbor scans the market and gives you the best rates you can get in your service area. When your contract term is expiring, Arbor finds the best rate and switches you again. You always pay the best rate and never have to worry about overpaying for electricity ever again.
You can also use the free savings calculator to find out how much you could save in each case.
Understanding Maine Electricity Rates and Plans
Every competitive electricity provider offers different energy plans with competitive rates and term lengths. Some offer exclusive benefits and incentives, along with reasonable electric prices.
Changing your electricity supply company is relatively easy – get a copy of your electric bill to check who currently supplies your electricity and at what rate. You can use Arbor to find the best rate in your area and switch to the lowest cost supplier quickly to save time.
You can use Arbor to find the best rate in your area by using our free savings calculator.
Furthermore, you will find different types of plans depending on the companies. These are the four plan options you’ll find in Maine.
- Fixed-Rate Plans: Such plans let you pay the same electric rate throughout term length; you can avoid any price fluctuations in the energy market. We recommend fixed-rate plans because they provide price certainty and minimize risk. But be careful: when your term expires, your rate becomes variable and can go up without notice. Arbor automatically keeps you on the best fixed-rate plan, so you don’t have to worry about rate hikes at the end of your term.
- Variable-Rate Plans: Variable-rate plans have varying electric rates that depend on the price of wholesale electricity and energy demand. Therefore, you will be low rates when electricity demand is low, but you’ll be overpaying for electricity when demand is high.
- Green Energy Plans: Renewable energy plans reduce your overall carbon footprint; a large chunk of the population has moved towards green energy plans.
- Prepaid Plans: Customers can pay for electricity beforehand to avoid credit checks and deposits. Prepay rates remain the same for as long as your prepaid amount pays your monthly bills.
Some plans may ask you for a deposit. However, plans available through Arbor never require a deposit.
How to Choose the Right Energy Supplier
All Maine residents get electric delivery services from either CMP or Versant Power; however, they can choose from several competitive electricity providers. You can use the Standard Offer Rate or your current rate to check if you’re getting the best electric rates.
You should also check what energy plans offer the most savings, benefits, and incentives.
You can also check out how you can save on your energy bill with your local utility company. But electricity is complicated, which is why people trust Arbor to manage their electricity service for them, so they always pay the best electricity rate available in Maine.