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Christy Tuckey
Will Rapid Fiber Internet prices also increase?
No. Rapid Fiber Internet operates separately from SVEC and will not experience a rate change.
Why won’t SVEC move lines underground?
Moving lines underground would require a significant upfront investment. At approximately $4 million per mile, it would cost the cooperative $11.2 billion to transition to underground service. Given our cooperative model and the rural service area, such a decision would…
How does SVEC’s new rate compare to others in the state?
SVEC’s rates remain competitive and are lower than many, including investor-owned utilities.
Can the money received from FEMA or the Idalia Cost Recovery charge be applied toward other storms and expenses?
No. FEMA reimbursements are a multi-year process for specific storm-related expenses. The money cannot be allocated elsewhere, nor does the reimbursement cover all storm costs. Likewise, the Idalia Cost Recovery charge is strictly designated for covering costs from Hurricane Idalia.…
How does this rate change affect the co-op’s profits?
SVEC is a not-for-profit electric cooperative owned by those we serve. Any margins (profits) are reinvested into the electric system and eventually retired back to our consumer-members through the capital credit process.
When will I see the change on my account?
Members receiving a monthly bill statement will see the change with January’s bill. Prepaid account rates will see the change at 12:00 p.m. [X]. On this day, the charge will include usage from the previous day and a one-time adjustment…
Does this rate change also apply to non-residential services?
Yes. Both residential and non-residential services will experience a rate change. All rates can be viewed here: Rates, Fees, & Deposits – Suwannee Valley Electric Cooperative
What factors influenced SVEC’s decision to change rates?
Several factors have contributed to this rate change. Rising costs have affected every industry, including ours, with increasing expenses for essential materials and equipment, like transformers, up to 125%. On top of that, severe weather has taken a major toll…
What is a cost of service study?
A Cost of Service Study (COSS) is a comprehensive analysis of a utility’s costs to deliver electric service. As a not-for-profit organization, SVEC operates at cost, meaning our goal is to maintain financial stability while providing reliable service—not to generate…
How is a rate change decision made?
As a cooperative, we operate differently from investor-owned utilities. We do not have outside investors or large profit reserves. Instead, we collect only what is necessary to maintain and expand our grid for the communities we serve. Most of our…