South River EMC members will notice a change in their November electric bills. The bills will represent a discontinuation of the wholesale power cost adjustment, or WPCA, and a new base rate.
Th ecooperative recently completed a comprehensive cost of service study to determine whether current rates are adequate to cover expenses. The study revealed that existing rates are no longer sufficient to meet the current cost of running an electric utility.
Therefore, the base rate cooperative members are paying for electricity will change, depending on the rate class.
There are many factors that influence electricity rates, however at this time; South River EMC can point to government regulations, aging infrastructure, investments in efficient technology, as well as rising material costs, SREMC officials said.
The average South River EMC electric bill will not look much different after the rate change. The cooperative has been using a Wholesale Power Cost Adjustment, or WPCA, to offset fuel cost fluctuations. The WPCA is a temporary measure used to recover unexpected increases incurred by the Cooperative.
With the average household using about 1,430 kwh a month, the WPCA for the average household bill has been $7.15 monthly.
The residential rate will be 9.84¢ per kilowatt hour, or kwh, (November through April) and 10.85¢ per kwh (May through October). The facilities charge will move from $20 to $25 for single-phase service and $40 to $45 for three-phase service.
A home that uses 1,430 kwh can expect the following bill – energy only (based on a blended rate of 10.35¢):
old rate: $147.43 (with WPCA)
new rate: $148.00
South River EMC is working diligently to keep costs low; however, long-term forecasts show a continued increase in regulation, fuel prices and inflation. In an ongoing effort to offset these costs, South River EMC continues to streamline operations while taking advantage of advances in technology to better serve you.
South River EMC has also added time-of-use rates for each rate class that can help save money for members who are able to shift most of their energy use to off-peak hours.
The Cooperative’s Web site (www.sremc.com) has a series of online tools to help visitors manage their energy use. Consumers can perform an easy home energy assessment with the Home EnergySuite or use one of the energy calculators to determine how much electricity can be saved by switching appliances, changing to new light bulbs or replacing an existing heating and cooling system. Members can also visit togetherwesave.com for energy saving tips and practices.
South River EMC is a locally-owned and operated electric cooperative, which provides electric service to 42,000 homes, farms and businesses in parts of Harnett, Cumberland, Sampson, Johnston and Bladen counties.