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Oil Prices to Push Electric Bills Higher in Coming Months

As the U.S. and other countries imposes economic sanctions on Russia, including the refusal to buy Russian oil, Hawai‘i will see higher prices at the gas pump and in electric bills. Hawaiian Electric is forecasting that residential bills for O‘ahu customers will rise about 10% over the next several months while increases for customers on Hawai‘i Island and in Maui County are estimated at about 20%.

There are options available to help customers manage their energy bills. Links to resources are available at hawaiianelectric.com. Hawai‘i Energy also offers rebates and practical energy-saving tips at hawaiienergy.com.

Below are actions customers can take now to decrease their bills:

• Reduce the use of anything that generates heat – water heater, oven, clothes dryer, stove. Consider a heat pump water heater, now available with a $500 rebate from Hawai‘i Energy

• Turn off air conditioning or set it at 78 degrees.

• Use smart plugs or unplug electronics when not in use, including computers, printers, cable boxes, game devices, chargers.

• Consider rooftop solar. In addition to tax incentives, Hawaiian Electric is offering cash incentives through its Battery Bonus program to customers who install battery storage.

• Shared solar will soon be available for customers who can’t put panels on their own roof but want to share in the savings and contribute to Hawai‘i’s clean energy transformation.

• When gas prices are high, electric vehicles can help reduce your household’s overall energy spending, especially if you take advantage of special rates that provide incentives to charge at certain times of the day with lower rates.

• Power Partnerships are a way residential and commercial customers can get financial rewards for signing up with independent companies called “grid-service aggregators” under contract with the utility. These companies recruit customers with solar, batteries, electric vehicles and other load flexibility devices to combine or “aggregate” their services to support the grid. Customers are rewarded, generally with credits that reduce their monthly bills.

Anyone having trouble paying their bill can visit hawaiianelectric.com/paymentarrangement to review payment plan options. For information on available financial assistance, go to hawaiianelectric.com/COVID19.

 

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