TECO Electricity Rates Increase! Customers Will Pay More for 3 Years

TECO Electricity Rates Increase! Customers Will Pay More for 3 Years

December 5th, 2021 in Installation, Tampa, Tips
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TECO electricity rates will see customers forced to pay more over the next three years after the Florida Public Service Commission gave the green light to increase them.

The deal is supposedly designed to boost solar energy development and help Tampa Electric move away from its reliance on coal power plants.

But guess who’s paying the bill? You.

Customers Paying for TECO’s Cleaner Energy Plans

We all need cleaner energy solutions to fight the climate crisis and we applaud the plans to remove fossil fuel units. But TECO’s customers, sadly, will be the ones paying the price.

  • Residential TECO customers using 1,000 kilowatt-hours of electricity per month currently pay: $105.25
  • TECO customers will see an average increase of $16.50 on their bills.
  • That’s $198 more a year and $594 over 3 years.

The Florida Public Service Commission recently approved the settlement, allowing these increases in base rates over the next three years.

The commission made a unanimous approval over the agreement, which had been previously arranged in August 2021 by Tampa Electric, the state Office of Public Counsel and several representatives of major local business and government electricity users.

Why Are TECO Electricity Rates Increasing?

TECO can’t stay stuck in the past. Fossil fuels are a leading cause of the climate crisis and their time is up.

They’ve neglected the transition for far too long and are now forced into making drastic changes that will increase TECO electricity rates and make customers pay more.

The base-rate money is expected to help fund their ‘modernization’ project at TECO’s Big Bend Power Station in Hillsborough County and, if they stick to their word, the retirement of three coal-burning units.

An attorney for the company told reporters,

“We view the 2021 agreement as an important stepping stone from Tampa Electric’s past to a safer, cleaner, greener and even more customer-focused future,”

TECO will receive an annual increase of $302 million over the next three years. It is their 800,000 customers who will be funding it.

“This settlement agreement recognizes that the world is changing, and the settlement affirmatively and substantially moves Tampa Electric in the right direction toward the lower carbon future that the world demands and that the world needs and that Tampa Electric’s parent company has embraced in a net-zero goal by the year 2050,”

How to Avoid Paying Increased Electricity Bills?

Why are big polluting electricity companies handing the bill to Tampa residents?

That’s a question many locals have been asking and it has forced a large number to consider going solar independently.

Rather than paying for a utility’s solar plans, which will likely only cover a fraction of their energy output, you could go 100% clean energy by future-proofing your home – with FREE solar power.

How Much Could I Save By Installing Solar Panels in Tampa?

If your energy bill is on average around $160.50, then you could be paying out $85,454 in TECO electricity rates in the next 25 years (with annual inflation rates of 4% applied).

An estimated monthly solar loan payment would be: $125.66

With no money out of pocket, you could pay $418 a year, and potentially qualify for federal tax credits worth an estimated $9,008.22

That’s a 6.9-year Return on Investment and free power for over 18.1 years!

In half of that time, you’ll have paid increased prices by staying with TECO.

Boost Your Property Value

Personally, we don’t get why TECO expects its customers to be happy with putting their hard-earned income into TECO developments when customers can massively profit from solar installations.

It’s estimated that with every $1,000 saved in annual electricity from solar panels in Tampa, you can increase your property value by $20,000!

The future is green, clean and solar. Homeowners looking for property in your neighborhood will much rather have a pre-installed solar system than wait for it to be installed, pay the installation costs, and wait for ROI.

We regularly see real estate investors go for solar homes over old, outdated standard homes.

Getting Tired of TECO Electricity Rate Changes?

For the second year in a row, TECO electricity rates are changing. Why should they keep paying for something out of their hands?

Although TECO cannot change its base rates again now until 2025 (except under certain very limited conditions), after that they can hike them up again. Which doesn’t sound unthinkable, given that they might need to get more aggressive with their clean energy plans.

By investing in your own solar panels in Tampa, you gain 100% control – no more corporate influence, rate increases and false promises.

Act Now to Save 26%!

Did you know you can save 26% on solar panel installations in Tampa in 2021, thanks to Federal Tax Credit reductions?

But be warned – you must have the installation started before the end of 2022!

Currently, the tax credit reduction provides a 26% reduction, but after 2022 it will dramatically reduce:

  • 2021: 26%
  • 2022: 26%
  • 2023: 22%
  • 2024: 0%

26% is a lot for solar panel installations in Tampa. If your installation is valued at $30,000 you could save $7,800 in 2021!

There’s no guarantee the Federal Solar Tax Credit bill will ever be extended. We all miss the 30% reductions offered in 2019, for example.

Acting now is the best way to secure those reductions before it’s too late!

You could save money on:

  • Solar Power Installation Fees
  • Solar Equipment
  • Permitting Service Costs
  • Permit Fees
  • Roofing Fees
  • Shipping Costs
  • Engineer Fees
  • Electrician Fees
  • And More

Tampa Fossil Fuel and Energy Facts

Solar Panel Installation in Tampa, FL

If you want to avoid TECO electricity rate increase and instead enjoy free, clean electricity and a boosted property value – then contact us today for solar panel installation in Tampa, FL.

Florida Power Services “The Solar Power Company” is the Sunshine’s states leading solar power installer and would love to help you save thousands of dollars.

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