Discount Power Program Update

CT Credit Unions enrolled in the original Discount Power Program (A-Z): Achieve Financial Credit Union, Bristol Municipal Employees FCU, Community Credit Union of New Milford Inc., Connex CU, CT Community CU, CT Labor Dept FCU, CT Postal FCU, Dutch Point CU, Fairfield Municipal FCU, First Bristol Federal CU, First Connecticut CU, Inc., Franklin Trust FCU, G.E. Employees FCU, GHA FCU, Greenwich Municipal Employees FCU, Hartford Firefighters FCU, Hartford Healthcare FCU, Hartford Municipal Employees FCU, Hartford Postal Employees, Lawrence Memorial Hospital EFCU, Manchester Municipal FCU, McKesson Federal Credit Union, Members CU, Meriden Schools FCU, Metropolitan District Employees CU, MiddConn FCU, New Haven County CU, New London Municipal Employees CU, Northeast Family FCU, Northwest Hills CU, Norwalk Hospital CU, Seasons FCU, Sikorsky Financial Credit Union, SoundView FCU, Stamford Healthcare CU, Stamford Postal Employees FCU, Tobacco Valley Teachers FCU, Torrington Municipal & Teachers FCU, Tri Town Teachers FCU, UBI FCU, United Shoreline FCU, Waterbury Postal Employees FCU, Waterbury Telephone FCU, Wepawaug-Flagg Federal Credit Union, Windsor Locks FCU, Workers Federal Credit Union, Yale New Haven Healthcare FCU

Dear Connecticut Credit Union,

As I know you are well aware, this winter was a difficult time for your Discount Power Program.  We’re grateful to them for the early notification of the rate spike and allowing most of your members to return to the lower prices of the public utility. The good news is that rates have come down and we can once again offer your members the opportunity to save money on their electricity costs while earning non-interest income for your credit union.  After working with the Discount Power team, the program has been modified to further protect your members.  The plans will have a fixed price, beginning immediately and going through at least the October meter read. There will be no cancellation fee so in the slight chance that utility rates come down during the year, your members will be able to return to the utility without penalty.   In September, Discount Power will decide whether the plan is viable through the winter.  If not, they will let your members know in writing.  If they do not hear back from your members, they will roll them to the public utility so that no one experiences unnecessary winter costs.

There are a few things we need to know from you:

  • Will your credit union be participating in the plan this year?
  • Are you the key contact person for the Discount Power program?
  • Are you willing to advertise and promote enrollment fairs at your credit union?

For those opting to participate, Discount Power will do everything possible to re-enroll lapsed members and to add new ones to the mix.  You will continue to receive regular commission checks from Discount Power.  For those opting out, your members currently enrolled will still receive the special credit union Discount Power pricing, but you will not receive regular commission checks.

We believe the new program is a positive one, fair and equitable to all parties, maximizing benefits and minimizing exposure to almost zero.

Please respond to me or Abbi Stamler (astamler@culct.coop) no later than May 1st.  If you fail to respond we will assume you no longer wish to promote/participate in the Discount Power program.

Sincerely,

Nick Moalli
VP – Credit Union Services
(203) 608-7059
nmoalli@culct.coop