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September 2, 2014

PURA approves on-bill financing

HBJ File Photo Crews work on the expansion of a natural gas transmission system, which will be needed in Connecticut if the utilities increase demand from their distribution systems

The Public Utilities Regulatory Authority has approved utilities’ proposal to allow ratepayers to pay for significant capital purchases through financing on their electric or natural gas bills.

This on-bill financing is a key tool in Gov. Dannel P. Malloy’s proposed $7 billion expansion of the natural gas home heating system, which will require homeowners to buy new heating equipment and pay for hook-ups.

The idea is to have homeowners offset the capital costs with the savings they could achieve by switching to natural gas.

The concept was approved in the Connecticut’s legislature, so PURA’s approval was a formalizing of the utilities’ plan on how to implement it.

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