TECO electric bills to drop, customers to see lowest monthly bills in 13 years beginning in January

Posted at 7:36 PM, Nov 05, 2018
and last updated 2018-11-05 23:16:37-05

TAMPA, Fla. — Beginning in January, Tampa Electric residential customers should see a significant drop in their electric bill, the company says.

On Monday, the Florida Public Service Commission (PSC) today approved TECO’s projected costs for fuel and other clauses. TECO says customers will see the lowest monthly bills in 13 years.

TECO says that its average residential bill will drop by about 8 percent, or more than $8, to $99.53 for 1,000 kilowatt-hours (kWh) of usage. Commercial and industrial customers will also see bills drop by about 8 percent to 10 percent, depending on usage.

“Tampa Electric is proud that our bills will drop to about the same level as they were in 2005,” said Nancy Tower, president and chief executive officer of Tampa Electric. “And we will continue to have some of the lowest rates in Florida.”

The decrease is the result of lower costs of fuel and environmental compliance costs, among other factors, and also includes the addition of seven utility-scale solar projects – two that began operating in September and five that are coming online in the next several months. This reduction is on top of a previous decrease approved by the PSC on Aug. 20, which in January will reduce bills by $6.50 as a result of tax reform.