New Hampshire’s participation in the Regional Greenhouse Gas Initiative could soon be over. The House Science, Energy and Technology Committee voted 13-5 on Feb. 15 to approve a bill that would withdraw New Hampshire from the cap-and-trade program, intended to cut greenhouse gas emissions from public utilities.

Bill sponsor Richard Barry (R-Merrimack) believes RGGI is a “stealth tax” that shows up in your electric bills, and House Speaker William O’Brien (R-Mont Vernon) has come out in support of the repeal.

But Public Service of New Hampshire estimated that RGGI costs rate payers just 36 cents per month—that’s about $4 per year. Gov. John Lynch, who opposes repeal, said withdrawing from RGGI would cost ratepayers millions of dollars in higher electric costs while thwarting attempts to make the state more energy efficient and independent. 

During a full day of public testimony about the bill, UNH economist Ross Gittell said there is no evidence to suggest RGGI has hampered economic development in the state. The Public Utilities Commission estimated that by withdrawing from RGGI, the state would lose between $10 million and $18 million in funding from the Greenhouse Gas Emissions Reduction Fund in the next budget year. 

Nine other states in the region currently participate in RGGI. Supporters said it’s too early to tell whether the initiative has succeeded in cutting CO2 emissions.