New Analysis: Governor Healey’s Energy Affordability Bill to Save Customers At Least $13.7 Billion

 New Analysis: Governor Healey’s Energy Affordability Bill to Save Customers At Least $13.7 Billion 

Governor Healey testified in support of her legislation that will get costs off bills, implement an all-of-the-above energy approach, including nuclear, and foster economic development   

BOSTON – Governor Maura Healey today testified in support of her Energy Affordability, Independence, and Innovation Act to lower energy bills and bring more energy into Massachusetts. Energy and Environmental Affairs Secretary Rebecca Tepper, as well as business organizations, mayors, developers, university leaders, and labor, also testified in support of the legislation. 

Alongside its testimony, the administration also provided an independent analysis of the customer savings associated with the bill, expanding on the administration’s assessment by providing more in-depth modeling of more provisions. Conducted by Synapse Energy Economics, Inc. and Sustainable Energy Advantage, LLC, the analysis found that the legislation could save customers at least $13.7 billion over ten years, billions more than the administration’s initial estimates. This is on top of the $6 billion in savings estimated from the Governor’s Energy Affordability Agenda announced in March. 

“We’re working on every front to lower costs, from cutting taxes, to building more housing, to lowering your energy bill,” said Governor Healey. “Our legislation gets charges off bills, lowers overall energy costs, and prevents big price swings that families and businesses can’t afford. We’re putting savings back in people’s pockets while continuing to move Massachusetts toward greater energy independence.” 

“Our legislation will provide the certainty and affordability that residents and businesses need,” said Lieutenant Governor Kim Driscoll. “This innovative proposal includes provisions that will allow us to build our energy grid, so homeowners and developers aren’t waiting years to grow their business or get solar on their home. At the same time, we’re getting charges off bills and protecting ratepayers so they’re only paying for what they need.” 

“The more energy we build in Massachusetts, the more we can lower energy costs,” said Energy and Environmental Affairs Secretary Rebecca Tepper. “That’s why our administration has been laser-focused on cutting red tape for energy projects and unleashing the full potential of our state’s energy potential. Our legislation establishes a new procurement authority, removes barriers to cutting-edge nuclear power, and gets the energy projects already in the pipeline online faster. This will lower overall costs and grow our energy industry right here in Massachusetts.” 

The legislation saves customers money, brings more energy into Massachusetts, and increases accountability of the utilities and drives innovation. Key reforms include eliminating and reducing certain charges on the bill, including phasing out the Alternative Portfolio Standard and reducing the value of net metering credits for new large net metering. The legislation allows for innovative financing for Mass Save and other grid modernization programs, further lowering bills for customers. To bring more energy into Massachusetts, the bill enhances the state’s procurement authority and removes barriers to cutting-edge nuclear technologies. Further, reforms include changes to the interconnection process, new tools to boost geothermal heat loops, and support for Energy Ready Zones to boost housing and other development, while insulating ratepayers.