TAMPA, Fla. (WFLA) — Tampa Electric said it will “significantly reduce bills” starting in January 2024.
On Wednesday, the Florida Public Service Commission unanimously approved TECO’s request to lower rates by 11% starting in the new year.
To put it in perspective, Tampa residents using 1,000 kilowatt hours of electricity would see a drop in their monthly bill by $17.65, to $143.48. Commercial and industrial rates will decrease between 10 and 18%.
TECO said reductions vary but rates will be well below national averages and among the lowest in the state.
“Fuel costs have declined since the high prices of 2022, and, as a result, we are in a position to reduce electricity bills in 2024,” said Archie Collins, president and CEO of Tampa Electric. “We are pleased that Tampa Electric customers will get some welcome relief, after a record-breaking summer.”
TECO said it is expecting storm costs and new solar plants to be finalized by Nov. 9. Other fuels and natural gas are used in power plants to make electricity and that cost is passed to customers without a markup or profit. Those charges only make up 1/4 of a customer’s bill.
TECO said the requested fuel costs are based on 2024 projected costs and the actual costs from previous years.