Tampa Electric said they will significantly reduce bills in 2024 starting this month.
The Florida Public Service Commission unanimously approved Tampa Electric’s request to lower rates by about 11 percent, which started January 1st. For a residential customer who uses 1,000 kilowatt hours (kWh) of electricity, the monthly bill will drop by $17.65, to $143.48.
Commercial and industrial customers’ rates will decrease between 10 percent and 18 percent. Reductions can vary, depending on usage. Tampa Electric rates will be well below the national average and among the lowest in Florida.
“Fuel costs have declined since the high prices of 2022, and, as a result, we are in a position to reduce electricity bills in 2024,” said Archie Collins, president and CEO of Tampa Electric. “We are pleased that Tampa Electric customers will get some welcome relief, after a record-breaking summer.”
The request included projected costs for 2024 for fuel; storm costs and new solar plants are expected to be finalized Nov. 9. Natural gas and other fuels are used in power plants to make electricity, and their costs are passed to customers with no markup or profit. The fuel charge makes up about one-quarter of a residential customer’s bill. The requested fuel costs are based on projected costs for 2024 and actual costs from prior years.
Tampa Electric uses a variety of strategies to manage fuel costs, including optimizing its power plants for fuel efficiency, purchasing power from other companies, if it results in a lower cost for customers, and adding more solar power.
To learn more about how customers can reduce energy use, customers should take advantage of Tampa Electric’s numerous energy-saving programs. Customers can learn more and sign up online to save on residential and business. A variety of appliance calculators also are available online to help customers pinpoint opportunities for savings.
Tampa Electric, one of Florida’s largest investor-owned electric utilities, serves more than 830,000 customers in West Central Florida. Tampa Electric is a subsidiary of Emera Inc., a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, Canada.
Duke Energy Florida also announced it will reduce customer rates in 2024.
