Norwood Light Department showcases improved financial health and broadband expansion plans

The Finance Commission meeting held on June 15, 2025, in Norwood, Massachusetts, focused on the financial health and future projects of the town's light and broadband departments. Key discussions included the town's financial ratings, ongoing projects, and future plans for broadband services.

The meeting began with an update on the town's financial standing, highlighting that the Standard & Poor's (S&P) rating had been maintained, reflecting significant improvements over the past few years. The town's liquidity has increased to approximately $36 million, with a notable reduction in debt from $8 million, resulting in a debt-to-capitalization ratio of 33%, down from 47% the previous year. This positive trend indicates a strong financial position for the town.

The light department reported an increase in energy sales and confirmed that they would not need to raise electric rates, which currently stand at about 17.5 cents per kilowatt-hour for residential customers. Comparatively, this rate is significantly lower than that of surrounding utilities, such as National Grid and Eversource. The department is also preparing for future compliance with renewable energy mandates, aiming for 50% renewable energy in their portfolio by 2030.

A major highlight of the meeting was the imminent launch of the fiber-to-the-home broadband project, expected to go live within the next few weeks. The department is optimistic about the competitive pricing and high-speed internet options they will offer, which include speeds of up to 3 gigabits. The broadband initiative aims to attract customers who are increasingly moving away from traditional cable services to streaming platforms.

The meeting also addressed the financial relationship between the electric and broadband departments. The broadband service is currently funded through loans from the electric department, with plans to clarify repayment terms as the project progresses. The departments are structured as separate funds under the light department, ensuring clear financial accountability.

In conclusion, the Finance Commission meeting underscored the town's robust financial health and proactive approach to expanding broadband services. The successful implementation of these projects is expected to enhance service offerings and maintain competitive pricing for residents in the coming years.