Rate Adjustment
October 2020SVEC is committed to maintaining a financially strong cooperative while providing reliable power and quality customer service at an affordable price.
For the first time since 2015, SVEC must adjust its rates to better reflect the costs of running the cooperative. Fixed costs have increased as a result of capital invested in equipment to improve reliability. In the last five years, an investment of $33.5 million led to a 26% increase in reliability for the average consumer member.
SVEC works hard to minimize the impact of necessary price adjustments, and the average residential consumer-member will not see a change in the amount of their monthly bill. They will continue to pay only about $4.38 a day to power their entire home, which is less than the price of a grilled chicken sandwich at Chick-fil-A®.
After the rate adjustment, the average residential consumer-member will still pay about 2% less than they did five years ago. In comparison, the U.S. Consumer Price Index has increased 8.7%.
The adjusted rates were approved by the SVEC board of trustees and the Florida Public Service Commission prior to COVID-19, but their implementation has been delayed as long as possible in recognition of the fact that many in our community have been dealing with the pandemic’s impacts. Now, however, to maintain the cooperative’s strong financial footing, the adjusted rates will be put into effect on October 15.
You can be assured that going forward, controllable (nonpurchased power) expenses will continue to be tightly managed to keep rates affordable. And when it’s financially safe to do so, extra revenues will be returned to consumer-members in the form of retired capital credits, which has totaled $14.7 million since the founding of the cooperative.
Residential
Current Rate
Facilities Charge
- First Meter — $25.00 per month
- Ancillary Meter — $17.00 per month
Energy Charge
- First 1,000 kWh — 10.66 ¢ per kWh
- Over 1,000 kWh — 12.80 ¢ per kWh
Adjusted Rate
Facilities Charge
- First Meter — $29.70 *
- Ancillary Meter — $20.10 *
Energy Charge
- First 1,000 kWh — 10.19 ¢ per kWh
- Over 1,000 kWh — 13.50 ¢ per kWh
Residential Pre-Pay
Current Rate
Facilities Charge
- First Meter — $1.10 per day
- Ancillary Meter — $0.84 per day
Energy Charge All kWh
- 10.66 ¢ per kWh
Adjusted Rate
Facilities Charge
- First Meter — $1.39 per day
- Ancillary Meter — $1.13 per day
Energy Charge All kWh
- 10.19 ¢ per kWh
Outdoor Lights
Current Rate
- Small — $8.70 per month
- Medium — $12.00 per month
- Large — $15.00 per month
Adjusted Rate
- Small — $8.70 *
- Medium — $12.99 *
- Large — $18.00 *
* Adjusted facilities and outdoor light charges are calculated on a per-day basis. For purpose of comparison, amounts shown are for a 30-day month.
