As your cooperative, we know our role goes beyond providing electrical service. Every decision has personal impact, and we are entrusted by you to provide safe, affordable, and reliable electric service.
The past few years have been a remarkable show of resilience for our cooperative and communities as we weathered 4 major storms in 13 months. For our cooperative, restoring service as quickly as we did was an incredible accomplishment, and one we should all be proud of. But it also came with significant cost.
SVEC’s storm restoration efforts have cost over $134 million. For perspective, that’s equivalent to 2.5 years of otherwise normal operation expenses. Those costs also accrue an additional $15,000 a day in interest.
Total to Date Storm Costs
$134,794,185
Interest Paid
$7,453,819
Idalia Cost Recovery (ICR)
$7,804,307
FDEM Reimbursement
$30,564,473
FEMA Reimbursement
$299,400
Current Balance
$94,888,465
As a cooperative, we operate differently from investor-owned utilities. Without outside shareholders or large profit reserves, we collect only what is needed to maintain and expand our grid for the communities we serve.
As we look ahead, we recognize the timing of FEMA’s reimbursement remains uncertain and will most likely extend beyond initial estimates. Coupled with inflationary pressures and increased interest rates affecting utilities nationwide, we must make the difficult, but responsible decision, to adjust rates beginning mid-December.
Our top priority remains ensuring safe and reliable service. This adjustment intends to better position us to sustain critical grid maintenance and operations.
A residential rate calculator tool is available below for members wishing to anticipate the adjustment based on monthly usage. Daily kwh usage tracking is available through SmartHub.
Traditional Residential Rate Changes
Facilities Rate: increase of 15¢/day
Energy Rate:
First 1,000 kWh: increase of 2.2¢/kWh
Over 1,000 kWh: increase of 2.5¢/kWh
Prepaid Residential Rate Changes
Facilities Rate: increase of 23¢/day
Energy Rate: increase of 2.2¢/kWh
Residential Rate Calculator
Please note this tool is for rate estimation purposes only. It does not include tax, additional accounts activity, or other devices such as area lights.
FAQs
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 employees, and all our board members, are SVEC members themselves. We share your commitment to keeping costs fair and transparent – only increasing rates when necessary.
Before any rate change is considered, an independent financial team conducts a Cost-of-Service Study (COSS) to analyze the cost of providing electricity. Based on these findings, proposed rate structures are developed and presented to the board for review and approval. This process ensures that any changes align with the cooperative principles of reliability, fairness, and financial stability.
An important message for our members:
As your cooperative, we know our role goes beyond providing electrical service. Every decision has personal impact, and we are entrusted by you to provide safe, affordable, and reliable electric service.
The past few years have been a remarkable show of resilience for our cooperative and communities as we weathered 4 major storms in 13 months. For our cooperative, restoring service as quickly as we did was an incredible accomplishment, and one we should all be proud of. But it also came with significant cost.
SVEC’s storm restoration efforts have cost over $134 million. For perspective, that’s equivalent to 2.5 years of otherwise normal operation expenses. Those costs also accrue an additional $15,000 a day in interest.
Total to Date Storm Costs
$134,794,185
Interest Paid
$7,453,819
Idalia Cost Recovery (ICR)
$7,804,307
FDEM Reimbursement
$30,564,473
FEMA Reimbursement
$299,400
Current Balance
$94,888,465
As a cooperative, we operate differently from investor-owned utilities. Without outside shareholders or large profit reserves, we collect only what is needed to maintain and expand our grid for the communities we serve.
As we look ahead, we recognize the timing of FEMA’s reimbursement remains uncertain and will most likely extend beyond initial estimates. Coupled with inflationary pressures and increased interest rates affecting utilities nationwide, we must make the difficult, but responsible decision, to adjust rates beginning mid-December.
Our top priority remains ensuring safe and reliable service. This adjustment intends to better position us to sustain critical grid maintenance and operations.
A residential rate calculator tool is available below for members wishing to anticipate the adjustment based on monthly usage. Daily kwh usage tracking is available through SmartHub.
Traditional Residential Rate Changes
Facilities Rate: increase of 15¢/day
Energy Rate:
First 1,000 kWh: increase of 2.2¢/kWh
Over 1,000 kWh: increase of 2.5¢/kWh
Prepaid Residential Rate Changes
Facilities Rate: increase of 23¢/day
Energy Rate: increase of 2.2¢/kWh
Residential Rate Calculator
Please note this tool is for rate estimation purposes only. It does not include tax, additional accounts activity, or other devices such as area lights.
FAQs
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 employees, and all our board members, are SVEC members themselves. We share your commitment to keeping costs fair and transparent – only increasing rates when necessary.
Before any rate change is considered, an independent financial team conducts a Cost-of-Service Study (COSS) to analyze the cost of providing electricity. Based on these findings, proposed rate structures are developed and presented to the board for review and approval. This process ensures that any changes align with the cooperative principles of reliability, fairness, and financial stability.
Changes to FEMA reimbursement rules or disaster recovery legislation can affect how quickly SVEC receives funds after major storms. Delays or reductions in reimbursements increase the financial burden on the cooperative – money that could otherwise be invested to better serve members and their access to safe, affordable, and reliable power.
How you can help:
Support H.R. 4669 – the bipartisan Fixing Emergency Management for Americans Act of 2025 aims to cut red tape, speed up disaster relief, and make FEMA an independent agency that reports directly to the president. Currently, co-ops often wait years for FEMA reimbursements after hurricanes, tornadoes, wildfires and other disasters which drives up the cost for rural communities. This bill would change that by:
Faster payments: FEMA must reimburse emergency work within 120 days once 90% of costs are approved.
Quick reviews: FEMA must review long-term project estimates in 90 days and release funds within 30 days of approval.
Smarter rebuilding: Co-ops could strengthen damaged systems instead of rebuilding them exactly as before.
For those looking for ways to manage their payments, we provide flexible billing options like MyChoice and budget billing. Our SmartHub tool can also help track energy usage, allowing you to make adjustments before larger costs add up. Additionally, exploring energy-efficiency tips on our website can help you maximize efficiency and reduce expenses where possible.
No. Rapid Fiber Internet operates separately from SVEC and will not experience a rate change.
Changes to FEMA reimbursement rules or disaster recovery legislation can affect how quickly SVEC receives funds after major storms. Delays or reductions in reimbursements increase the financial burden on the cooperative – money that could otherwise be invested to better serve members and their access to safe, affordable, and reliable power.
How you can help:
Support H.R. 4669 – the bipartisan Fixing Emergency Management for Americans Act of 2025 aims to cut red tape, speed up disaster relief, and make FEMA an independent agency that reports directly to the president. Currently, co-ops often wait years for FEMA reimbursements after hurricanes, tornadoes, wildfires and other disasters which drives up the cost for rural communities. This bill would change that by:
Faster payments: FEMA must reimburse emergency work within 120 days once 90% of costs are approved.
Quick reviews: FEMA must review long-term project estimates in 90 days and release funds within 30 days of approval.
Smarter rebuilding: Co-ops could strengthen damaged systems instead of rebuilding them exactly as before.
For those looking for ways to manage their payments, we provide flexible billing options like MyChoice and budget billing. Our SmartHub tool can also help track energy usage, allowing you to make adjustments before larger costs add up. Additionally, exploring energy-efficiency tips on our website can help you maximize efficiency and reduce expenses where possible.
No. Rapid Fiber Internet operates separately from SVEC and will not experience a rate change.
