Resident Power Explains Electricity Competition At New Hampshire Business & Industry Association Meeting
August “Gus” Fromuth of Resident Power (RP) recently made a special presentation to the New Hampshire Business and Industry Association on electricity choice and small business.
Focusing on one of the BIA’s 8 core issues, Energy & Regulated Activities, Fromuth walked BIA members through the newest opportunity offered by energy deregulation to NH’s small businesses: the option to purchase electricity through suppliers other than the default utility.
The concept of choice is not new, said Fromuth, founder and Managing Director of Manchester-based Freedom Energy Logistics (FELpower.com), a managing member of Resident Power and one of the first New England firms to offer electricity choice.
NH’s large electricity users have been choosing their own electricity suppliers for nearly a decade. In fact, approximately 70% of New Hampshire’s large end users have chosen other suppliers or have themselves become self-suppliers since the market opened nearly 10 years ago.
NH’s “little guy” was not offered a viable alternative, however, until Resident Power entered the market last fall. In just eight months, Resident Power, the only NH electricity aggregator to exclusively serve residents and small businesses, has enrolled more than 7000 customers who are guaranteed savings of at least 5% on the supply portion of their electricity charge at enrollment. Average customer savings are 11.5%, and some clients save as much as 20%.
The Resident Power.com website offers one-stop shopping for enrollment and savings confirmation. Once enrolled, customers see no change in their electricity service. Their lines are still serviced by their current utility; their bill is still paid to their current utility. The only changes they see are savings and a notation on the bill naming their new electricity supplier.
Fromuth finished by addressing another of BIA’s core initiatives, Economic Development. Through electricity choice, Fromuth said, NH small businesses are finally free to assess and choose the source of their electricity supply, thus “helping business stay profitable and competitive.”