Electricity customers in Dartmouth could see town-wide savings of $1 million in 2017 thanks to a contract between energy provider Eversource and town officials.

In January 2016, officials locked Eversource customers into a fixed rate of $0.0949 per kilowatt-hour (kWh) of electricity with a 24-month contract, protecting them from fluctuating prices, explained Good Energy New England Energy Sales Director Philip Carr at the December 19 Select Board meeting.

The savings works by allowing town officials to partner with other cities and towns in the region and bulk purchase electricity. Due to anticipated price increases next year, customers are expected to save 1.5 cents per kWh in 2017. That will translate to a town-wide net savings of about $1 million among the program’s 9,616 members.

“That’s all local money staying in the community,” Carr said. “That’s the nice thing about this program. It’s like a little handout for everybody.”

However, it isn’t a total win-win. In 2016, the savings weren’t as fulfilling as originally anticipated. From January through July, residents paid less than Eversource’s standard rates. However, when the electric company’s prices dipped between July and December, customers were bound to the higher, contracted rate. The savings averaged out to four tenths of a penny per kWh.

Now town officials are deciding whether or not to renew the contract in 2018, but they face the same dilemma. If rates drop at any time in 2018 or 2019, residents will have to pay the higher rate, but there is potential for savings as well if rates increase. Town Administrator David Cressman said he was happy to see the program saving residents money this year, but will be looking into the town’s options over the next few months.

Carr said town officials should decide whether or not to lock in a 2018-2019 rate soon to ensure they are able to stay on top of market trends.

All eligible accounts — meaning ones that weren’t previously signed up with a third-party electricity supplier — were automatically enrolled in the program when it began.

There is a 30-day period where customers can opt out of the locked rates. Eversource is the only electric company serving Dartmouth.