How to Lock in Your Energy Rates
by Daniel HarderEnergy Rates
As prices continue to rise all across the country, Idaho power rates have not been immune. With summer upon us and many in the Treasure Valley heading into some of their highest energy bill month, we want to take a look at these rate increases and offer some real solutions to combat rising energy costs.
Idaho Power has finished filing its annual spring cost adjustments with the Idaho Public Utilities Commission (IPUC). This year’s Power Cost Adjustment (PCA) calls for a rate increase of 7.8% across all customer classes after June 1, 2022. Note that 7.8% is just the average increase across all customer classes and that the requested increase for mid-level residential customers is even higher, at 9%. This comes from the recent press release from Idaho Power about the annual power cost change with the IPUC. The increase in this year’s adjustment is attributed to last year’s actual power supply costs, which exceeded the forecast, driven by lower-than-expected hydro generation, high natural gas prices, and high market prices. Idaho Power experienced higher power costs than it has in the past due to the record-setting heat wave of summer 2021, during which the company exceeded its previous all-time peak load for five consecutive days.
While Idaho's electricity rate hike comes at an especially difficult time for many, it’s nothing new. Electricity bills for Idaho customers have trended upwards for years. Since 1993, the PCA has allowed Idaho Power to adjust rates up or down to reflect that portion of costs that change every year.
Idaho Power PCA Over the Years
If you feel like your Idaho electric bill has gone up before, it’s not just you. In 2013 alone, rates went up to 15.3%, the fourth-highest PCA on record.
Offset Idaho Power Rate Hikes with a Home Solar Energy System from RALOS
Solar is a clean energy revolution that locks in your energy cost for years to come. A locked-in solar rate means protection from unpredictable electricity bills and utility rate increases, regardless of hydropower shortfalls, shifting fossil fuel markets, or runaway inflation.
While a home energy reduction checkup like upgrading your old thermostat or installing LED lights is a smart way to reduce your energy consumption, what you pay is still largely out of your hands. With this year’s rate increase on the horizon, not to mention looming inflation and market volatility, why not adopt an energy solution that puts you in control?
Lock in Low Energy Rates for the next 25+ years.
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