Tampa Bay Electric Co.’s customers are set to see painful rate hikes over the next year, as the company covers its costs for investing in solar.
In a recent notice to regulators, the Hillsborough County power company stated its plans to charge customers between $280 and $295 million from 2022.
Tampa Bay Electric Co. Continues Raising Rates
Regulators are likely to approve this request, causing customer rates to increase to an estimated $124.30 per 1,000 kilowatt-hours. That’s up 18% from 2021! And, that’s on top of already increasing the rates by 8% from 2020.Why Are TECO Raising Energy Bills?
Last year Tampa Bay Electric Co. said their new 8% increase in rates was due to natural gas. This year, it’s because they’re investing in solar. They’ve recognized that the climate crisis is calling for a future of electricity, green and solar. It’s inevitable. The company is on track to generate 14% of its power from solar energy until 2023. That’s thanks to 1,200 megawatts of solar power. But they’re conveniently keeping quiet their expensive payments towards grid fortification. And natural gas prices keep rising.Customers Paying the Bill
Sadly, it’s their customers who are having to foot the bill – for the second year running. TECO’s plans to build 1,200 megawatts of solar power by 2023 “will provide enough energy to power 200,000 homes”. But, unlike having your own solar power system, you’ll have to keep paying an energy bill while the company enjoys those savings. TECO also has Solar plans coming up for next year, in the fourth phase of their current solar expansion. So expect painful increases on your TECO bill next year too.Insulate Yourself From Rising Power Rates in Tampa
As Tampa Bay Electric Co. forces its customers to foot the bill for installing new solar panels, many customers are taking the alternate route – investing in their own solar panels. Rather than paying for a company’s solar panels, which provide just 14% of clean energy, you could enjoy your own green and clean home of the future – with FREE power.How Much Could I Save If I Install Solar in Tampa?
If, for example, your average monthly power bill is $160.50, if we factor in the average annual inflation rate of 4%, you will be forking over $85,454 to the power company in the next 25 years. If your monthly utility bill in Tampa averages $160.50: Your estimated monthly solar loan payment would be: $125.66 With no money out of pocket you can save $418 a year, and potentially qualify for federal tax credits worth an estimated $9,008.22 You could enjoy a 6.9 year Return on Investment and Enjoy free power for over 18.1 years!Don’t Miss Out on 26% Reductions!
Thanks to Federal Tax Credits on Solar Power Installations in Solar, you can enjoy a massive 26% reduction this year! That’s the equivalent of $7,800 on a $30,000 installation. But only if your installation starts before December 31st, 2021. By 2023, those reductions will drop to 0%.Boost Your Property Value
So why not consider putting your hard-earned cash towards your own property, not TECO’s. Aside from that clean and FREE energy, you could also enjoy massive property value boosts. For every $1,000 saved in annual electricity through Solar in Tampa, your home’s value can increase by $20,000. Your investment could pay for itself, fast! In the future, homeowners will want pre-installed solar systems to avoid the hassle of installation costs and waiting on ROI. We’re already seeing real estate investors choose solar homes over outdated homes.Avoid Fluctuating Rates
Understandably, TECO customers are annoyed at their rates changing for the second year running. Why should they have to pay for something beyond their control? Although they can go up and down, TECO has now pushed rates up by 26% in just 3 years. We’re also seeing rising solar equipment prices thanks to COVID and material shortages throughout the world. By installing your own solar panels in Tampa, you can gain control over how much you pay and stop worrying about fluctuating rates that eat into your wallet.TECO Can See the Solar Boom Coming
One thing we can’t criticize TECO for is their idea of going solar. We just don’t like seeing Tampa folk pay for it. But solar is the future. TECO’s investments are evidence of that, so Tampa residents should act now to invest before the solar boom begins. By getting ahead of the game, you could benefit from lower rates now and cash in on massive property value boosts. As they say, you get rich by buying in before it hits mainstream news.Tampa is Perfect for Solar Panels
It’s about time Florida power companies started investing in solar power, as our state has perfect conditions for collecting the sun’s rays. On average, in Tampa there are 246 days of sunshine. That’s far higher than the US average of 206. Solar systems are also great at providing you with electricity during hurricanes and storms. While the grid is down, solar owners with battery bank systems can enjoy electricity to protect themselves or stay entertained.The Bottom Line
- TECO’s rates are rising for yet another year – at 18% since 2021!
- You can avoid paying for an investment that doesn’t benefit you, by installing solar.
- Say goodbye to fluctuating solar rates.
- Enjoy FREE electricity with your own solar power system.
- Make money through net metering.
- Save thousands of dollars through Federal Tax Credits (26% in 2021!)
- Boost your property value considerably.
- Stay ahead of the Solar boom.
