Politics & Government
Hingham Water Prices to Decrease
Refinancing of Aquarion Water Company to result in 7 to 9 percent annual savings for Hingham, Hull and Cohasset customers.
Aquarion Water Company will be decreasing its water prices for Hingham, Hull and Cohasset customers.
The cuts in cost come after the company announced it will be refinancing $30 million in debt for its Hingham Water Treatment Plant on Main Street, saving approximately $800,000 a year. The entire savings will be passed on to Hingham, Hull and Cohasset customers and will result in a 7 to 9 percent decrease in annual water rates.
The company's debt was established in 1995 when the Hingham facility was built.
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“As prudent businesspeople, we continue to look for ways to do what’s best for our customers, while reviewing all facets of our operations for savings opportunities,” Aquarion President and CEO Charles V. Firlotte said in a written statement. “Given the volatility of the market and with interest rates at their lowest levels, now seemed like the most appropriate time to examine our financing options and restructure the debt.”
The decrease in prices comes just months after the water company raised prices by 10 percent and the average Hingham household saw their bills increase by approximately $6 a month.
Find out what's happening in Hinghamfor free with the latest updates from Patch.
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