TAMPA, Fla. — Some good news for Tampa Electric customers – the company announced on Wednesday it plans to "significantly reduce" bills in 2024.
The electric company filed projected costs for fuel, storm costs and new solar plants with the Florida Public Service Commission, a news release explains. If the requests filed are approved, TECO customers' monthly bills will decrease by around 11 percent.
Commercial and industrial customers would have a 10-18 percent decrease if approved. Depending on power usage, TECO leaders explain reductions can vary.
"After record-high temperatures have driven up bills this summer, we are pleased that Tampa Electric customers will soon get some welcome relief,” Archie Collins, president and CEO of Tampa Electric, said in a statement. "Fuel costs have declined since the high prices of 2022, and, as a result, we are expecting lower electricity bills in 2024.”
For example, residential customers who use 1,000-kilowatt hours of electricity will see their bill decrease by $17.65 – making the total come out to $143.48.
The Florida Public Service Commission will vote on the requests in a hearing on Nov. 1. If approved, the decrease in bills would begin in January 2024.
"Tampa Electric rates would be well below the national average and among the lowest in Florida," leaders from the electric company explained in the release.
To ease the strain of high energy bills while waiting for the anticipated reduction, Tampa Electric has:
- Created a dedicated Customer Assistance team to connect eligible customers with financial assistance and to ensure they get the help they need.
- Donated $1 million to the Share program, which helps qualified customers pay utility bills.
- Streamlined the application for certain financial assistance programs and reduced paperwork.
- Worked with thousands of customers to provide extended payment arrangements and waive certain fees.
- Reduced fuel costs by $169 million since 2018 because of our investment in clean, renewable solar power.
“We urge customers to continue energy-saving measures because high temperatures will continue for the next few months,” Collins said in a statement. “As temperatures start to decline, so should energy bills.”
For more information about how customers can reduce energy use, visit TampaElectric.com/highsummerbills.