Eversource’s $800 Million Profit & What it Means to You
Eversource’s $800 Million Profit: What It Means for Connecticut Residents and Why Solar Makes More Sense Than Ever
Eversource Energy just reported a staggering $811.65 million profit for 2024, a dramatic turnaround from the $442.24 million loss they posted in 2023. [Hartford Business Journal]
— Hartford Business (@HartfordBiz) February 16, 2025
At the same time, Connecticut ratepayers continue to face rising electricity costs. On January 1, Eversource hiked rates again by 0.2 cents per kilowatt-hour, affecting over 1.2 million residents. [CT Insider]
So let me get this straight- CT residents are being forced to pay extra money to offset money that was lost during COVID, but there's $800M in profit posted? Ummmmm, this feels criminal. Maybe it's time to take action other than whining on @X https://t.co/M4yVXmiLU6
— throatpuncher_actual (@mdZak85) February 13, 2025
We Asked, You Answered: Should Connecticut do more to keep utility prices down? https://t.co/Sg31peHXJk
— CT Insider (@insider_ct) January 30, 2025
But here’s s the kicker: Eversource is pouring money into grid upgrades in Massachusetts while Connecticut gets left behind.
Eversource’s Priorities: Massachusetts Over Connecticut
In a previous solar blog, we covered how Eversource is spending big on grid improvements in Massachusetts while choosing not to invest in Connecticuts outdated infrastructure. Despite their record profits, they have made no similar commitment to upgrading the grid in Connecticut, even though customers here are paying more every year.
Dan Haar: Eversource spending billions on Massachusetts upgrades as it cuts Connecticut investment sharply https://t.co/K0dDisW8Oo
— Connecticut Post (@connpost) February 3, 2025
This decision raises an important question: If Connecticut residents are paying higher rates, why isn’t t that money being reinvested in our local grid? Instead, we’re re seeing more profits for shareholders and massive executive salaries.
Speaking of Executive Salaries
Eversource’s CEO, Joe Nolan, took home $18.8 million in 2023nearly $6 million more than the previous year. [CT Insider] While Nolans paycheck skyrocketed, customers were left with higher bills and an aging grid that the company refuses to upgrade.
Eversource chief executive gets salary increase, but takes hit on stock options https://t.co/BqwiDyZPmO
— New Haven Register (@nhregister) March 22, 2024
The Solution? Go Solar and Take Back Control
With Eversource prioritizing profit over infrastructure and customer relief, solar power offers a real solution for Connecticut homeowners:
Save Money: By switching to solar, homeowners can reduce or even eliminate their electric bills, protecting themselves from constant rate hikes.
Energy Independence: Instead of relying on a utility company that isn’t t investing in Connecticut, homeowners can generate their own power.
Incentives and Rebates: There are still strong state and federal incentives available for solar, making it more affordable than ever.
Long-Term Stability: Once your system is installed, your energy costs are predictable, unlike the ever-increasing Eversource rates.
Final Thought: Why Keep Paying More?
Eversource is making hundreds of millions in profit, raising rates, and choosing not to reinvest in Connecticuts grid. Meanwhile, homeowners are struggling with higher energy costs and no real plan from Eversource to improve reliability or affordability.
If you’re re tired of being at the mercy of rate hikes, solar is the way forward. Now is the time to break free from utility companies that put profits first and take control of your energy future.
Want to learn more? Contact Northwest Hills Solar today and find out how easy it is to make the switch.
