Learn more about how to save on energy at the bottom of this article. Tampa's utility provider to increase bills in April: After January's record rate hike TECO is once again raising electricity rates. This time Tampa's residents can expect their energy bills to increase by 10%. This brings electricity cost to an all-time high for Tampa's residents. Florida approves utility rate hikes The Florida Public Service Commission approved Tampa Electric company's proposal of charges that includes fuel and $131 million dollars that Tampa Resident's will have to pay for. 800,000 TECO customers will financially suffer from another price hike in 2023. It's not just Tampa residents who will be affected by rate increases. The PSC also approved charges for Duke Energy Florida and Florida Power and Light. PSC Approves Fuel Charge and Interim Storm Recovery for DEF, FPL, and TECO https://t.co/UxgmEiAEzR— Florida PSC (@floridapsc) March 7, 2023 Here is a breakdown of Florida's energy charges approval: Duke Energy Florida: approved new charges for fuel factor and $442.1 million in interim restoration costs (increase of about 15.1%). Florida Power and Light: approved new charges for fuel factor and $1.5 billion in interim restoration costs (increase of 8-10.3%). Tampa Electric (TECO): new charges for fuel factor and $131 million in interim restoration costs (increase of about 10%). Floridians will have to deal with rising rates and pay significantly more to keep the lights on When will electricity bills stop rising? Since 2019 the average TECO customer's energy bill will have risen by 62%! Tampa's residents and businesses continue to pay more and more in electricity and utility costs. It seems like every month we see news about electricity costs rising. This concerns Tampa's residents as the rise in cost to keep the lights on is eating into families monthly budgets and adding financial stress to all Floridians. So when will utility costs go down? The truth is, there is no guarantee they will ever go down. With Inflation rates through the roof the cost of everyday activities and goods keep rising. In a recent report the Tampa Bay area was found to have the highest inflation rate in the country. How to save on rising energy cost? Below you will find links to electricity providers payment assistance pages: Duke Energy Tampa Electric Florida Power & Light Although the above links may not help you directly to save on energy costs, it may help you properly manage and pay your electricity bills. The truth: Save by going solar! Beautiful solar panels Look if you are a homeowner in Florida, then the easiest and best way to save is by getting a high quality solar system! Take advantage of the current solar tax credits and improve your home's value. Solar panels work by absorbing energy from the sun and then converting it into electrical energy. By installing a solar system, not only will you become less reliant and dependent on your electrical provider but you will also reduce your energy cost significantly and possibly eliminate them entirely. With Florida's volatile blackouts and power outages many are pairing solar energy with a home battery storage (a home battery storage will store electricity locally that can kick in almost instantly in an event of a blackout or can be used when electricity is at its highest cost). Would you like to learn more about solar? Click here to schedule a free consultation today.
