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Maine's two utilities charge very different rates: CMP at $0.27/kWh and Versant at $0.32/kWh. This 19% gap means CMP customers save about $220/yr more on heat pump heating. Neither utility offers a special heat pump rate.
Parent: Avangrid / Iberdrola
Territory: Southern and central Maine
Major cities: Portland, Lewiston, Auburn, South Portland, Biddeford, Sanford, Scarborough, Brunswick, Westbrook, Saco
Parent: ENMAX Corporation (Calgary)
Territory: Northern and eastern Maine
Major cities: Bangor, Orono, Old Town, Presque Isle, Caribou, Houlton, Ellsworth, Bar Harbor, Millinocket, Calais
Maine is divided between two investor-owned utilities. Understanding which territory you are in is important because the rate difference significantly impacts heat pump operating costs.
CMP serves the most populated areas of Maine, stretching from Kittery in the south to Augusta in the center, and covering the entire southern coast including Portland, the state's largest city. The territory extends inland through Lewiston-Auburn, Augusta, and much of the western mountains.
Counties include: York, Cumberland, Sagadahoc, Lincoln, Knox, Androscoggin, Kennebec, Oxford, Franklin, Somerset (parts)
Versant serves northern and eastern Maine, including the Bangor metro area and Aroostook County (the largest county east of the Mississippi). This territory is generally more rural, colder, and more dependent on oil and propane heating than the CMP territory.
Counties include: Penobscot, Aroostook, Washington, Hancock, Piscataquis, Waldo (parts), Somerset (parts)
These calculations assume a typical 2,000 sq ft Maine home with a seasonal average COP of 2.8 (accounting for Maine's cold climate). Heating load is approximately 12,200 kWh of thermal energy per year.
| Metric | CMP | Versant | Difference |
|---|---|---|---|
| Electricity rate | $0.27/kWh | $0.32/kWh | +$0.05/kWh |
| Effective cost per kWh of heat | $0.096 | $0.114 | +$0.018 |
| Annual electricity for heating | ~4,357 kWh | ~4,357 kWh | Same |
| Annual heating cost | $1,170 | $1,390 | +$220/yr |
| Savings vs oil ($3.82/gal) | $1,740/yr | $1,520/yr | CMP saves $220 more |
| Savings vs propane ($3.38/gal) | $1,400/yr | $1,180/yr | CMP saves $220 more |
Key takeaway: CMP customers save $220/yr more on heat pump heating than Versant customers. However, Versant customers still save $1,180-$1,520/yr compared to fossil fuels. The heat pump math works in both territories.
Your electricity bill has two main components: supply (the electricity itself) and delivery (getting it to your home). Understanding this breakdown matters because you can choose your supply provider in Maine, but delivery charges are fixed by your utility.
41% of total rate
59% of total rate
41% of total rate
59% of total rate
Competitive electricity supply: Maine law allows you to choose a competitive electricity supplier (CES) for the supply portion of your bill. If a CES offers $0.09/kWh supply vs CMP's standard $0.11/kWh, your total drops from $0.27 to $0.25/kWh. Check the Maine PUC website for current CES offerings. Always compare the total rate, not just the supply rate.
Unlike some other New England states, neither CMP nor Versant offers a dedicated heat pump electricity rate or time-of-use rate designed for heat pump owners. All residential customers pay the same standard rate.
Massachusetts (National Grid) and New Hampshire (Eversource) have piloted heat-pump-specific rates. Maine has not yet introduced such a program. The Maine Public Utilities Commission (MPUC) has discussed the concept, but no formal proposal has been approved.
If Maine does introduce a heat pump rate in the future, it would likely reduce off-peak (overnight) rates when heat pumps run most, making the economics even more favorable. We will update this page when any rate changes are announced.
CMP has lower electricity rates, but the full picture requires considering fuel costs, climate zone, and rebates in each territory.
Heat pumps make financial sense in both territories. CMP customers have a $220/yr advantage in operating costs, but Versant customers often have higher fossil fuel bills to displace (more oil-dependent homes). The payback period is within 1-2 years of each other in both territories. Do not let the rate difference discourage you from switching if you are in Versant territory.
This projection assumes 2% annual electricity rate increases, 4% oil/propane price inflation, and current rates as the starting point.
| Year | HP (CMP) | HP (Versant) | Oil | Propane |
|---|---|---|---|---|
| 1 | $1,170 | $1,390 | $2,910 | $2,570 |
| 2 | $1,193 | $1,418 | $3,026 | $2,673 |
| 3 | $1,217 | $1,446 | $3,147 | $2,780 |
| 4 | $1,241 | $1,475 | $3,273 | $2,891 |
| 5 | $1,266 | $1,505 | $3,404 | $3,007 |
| 6 | $1,291 | $1,535 | $3,540 | $3,127 |
| 7 | $1,317 | $1,566 | $3,682 | $3,252 |
| 8 | $1,343 | $1,597 | $3,829 | $3,382 |
| 9 | $1,370 | $1,629 | $3,982 | $3,517 |
| 10 | $1,398 | $1,662 | $4,141 | $3,658 |
| 10-Year Total | $12,806 | $15,223 | $34,934 | $30,857 |
CMP 10-year savings vs oil: $34,934 - $12,806 = $22,128
Versant 10-year savings vs oil: $34,934 - $15,223 = $19,711
Efficiency Maine rebate tiers: $1,000-$3,000/unit
Cost comparison for oil-heated homes (60%+ of ME)
Savings analysis for rural propane-heated homes
Up to $9,000 Efficiency Maine + $8,000 HEAR
Whether you pay $0.27 or $0.32 per kWh, a heat pump saves $1,180-$1,740 per year compared to oil or propane. Efficiency Maine rebates are the same statewide. Get your free assessment today.
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