Floridians May See Up To A 24% Increase In Their Energy Bills

Home and business owners who operate in the service territory of Florida Power & Light are likely to see up to a 24% increase in their energy bills over the next four years according to the company’s recent filing with the Florida Public Service Commission. Following the Commission's approval to allow the utility to develop and operate a new natural gas power plant, with a cost totaling over $1 billion dollars, the utility is seeking to recover those costs through rates.

Additionally the company is seeking a higher guaranteed return on equity, or a higher rate on the money they invest and return to shareholders from investments in new power plants, infrastructure, transmission and other investments in providing power to Floridians.

Protecting Yourself Against Rising Rates

Homeowners who cringe at the thought of paying another 24% on their Florida Power & Light bills for the benefit of the utilities shareholders should consider switching now to rooftop solar before the new fees begin to impact their budgets.

The other option, hope that the Office of Public Counsel, the state appointed consumer advocate who believes the rate increase is unwarranted, is successful in defeating the increase. Their argument; Florida Power & Light currently earns at the high end of their guaranteed return on equity range. The Office of Public Counsel argues that the utility should be able to afford to build their new power plant and maintain their reliability and still earn a fair return, a return that does not have to be at the maximum, but within range. It is important to note, that the Office of Public Counsel has not been successful in similar requests to deny the utility of it's requests, even when combined with efforts from business, low income and other consumer advocates.

Home and business owners who are feeling deceived by this rate increase request as they watch run prime time television ads touting the utility’s low rates and commitment to lowering energy costs still have options. Home and business owners can begin investing in energy efficiency or rooftop solar panels to reduce their bills however they will find very little help from the utility in the form of rebates. Those programs were all but ended in 2014.

The approval of this rate increase is nearly guaranteed. With an almost 24% increase in their energy bills on the horizon over the next four years Florida homeowners should strongly consider locking in their rates with rooftop home solar panels. Rooftop solar panels can be installed for zero down, with monthly payments that are less than what Florida homeowners pay for power today. Which means if you can pay your power bill today, you can pay for rooftop solar panels.

Additionally, the state of Florida requires that Florida Power & Light participate in net-metering, the process by which solar customers are given full-fair retail credit for their excess energy. Combine that with a Federal tax credit for qualified customers there is no better time for Florida Power & Light customers to go solar.