Viridian Energy Expands 3DOM Longer-Term Fixed Contracts to New Service Area

Viridian Energy has begun offering its 3DOM 36-month fixed and hybrid electric plans at Met-Ed in Pennsylvania.

As in other states where Viridian recently launched the new products, 3DOM encompasses two products: a traditional 36-month fixed rate, and a 36-month hybrid product that allows the customer to convert to a fixed rate, as established on their initial enrollment date, when desired.

The traditional 36-month fixed rate includes a "back-end" rebate that provides that if, at the end of the term, the customer has paid more under the product than what they would have paid with their utility, Viridian will rebate the customer for 110% of the difference up to an established average amount for utility customers.

Under the hybrid 3DOM Flex, the customer receives an introductory 5% off the, "utility price index," through March 31, 2015, with subsequent rates established by a monthly Viridian Energy index plus a custom retail adder (essentially a rate fluctuating with the market) until the customer elects to lock-in a fixed rate which was established at the time of enrollment

The retail adder is based on the customer's green content and customer type (residential or small commercial), and is 2¢/kWh for residential customers at Met-Ed.

At Met-Ed, Viridian is offering the 3DOM products with 50% or 100% renewable energy. Residential pricing is as follows (¢/kWh):

3DOM Fixed, 50% Green                 9.49
3DOM Fixed, 100% Wind                10.49

Under the 3DOM Flex plans, the initial rate for both 50% Green and 100% Wind plans is 8.27¢/kWh through March 31, 2015. For residential customers, the retail adder for rates beyond March 31, 2015 is 2¢/kWh for the 50% Green Flex plan, and 3¢/kWh for the 100% Wind Flex plan. Flex customers can convert to a fixed rate, identical to the fixed rates listed above for 50% Green and 100% Wind, respectively, at any time during their term.

For residential customers, a $50 early termination fee applies to the fixed product and any fixed portion of the flex product.