As 2023 draws to a close, we’re thankful for the year’s achievements and excited about all the good things coming in 2024. What can you expect in the coming year?
Lower energy bills coming in 2024.
Due to lower natural gas prices in 2023 and projected prices for 2024, the Public Service Commission (PSC) approved our request to decrease electric bills in 2024 significantly. This means in January 2024, the typical residential monthly energy bill will decrease by about 11%, and commercial and industrial customers’ bills will decrease by 10% to 18%, depending on usage. Residential customers who use 1,000 kilowatt hours (kWh) of electricity will see a $17.65 drop in their monthly bill, to $143.48. This decrease puts Tampa Electric’s rates well below the national average and among the lowest in Florida. See detailed information about our rates.
New solar milestones.
Tampa Electric generates more solar energy per customer than any other Florida utility, and we are the second-highest solar producer in the Southeast. Our solar investments benefit the environment by lowering carbon emissions and conserving water. And they reduce cost volatility by decreasing the amount of fuel needed to generate electricity. In 2023, four new solar plants began producing electricity from the sun. With these additions, we can produce 1,252 megawatts of electricity, which is enough to power more than 200,000 homes. And we will begin construction on two more projects that will produce another 100 megawatts of electricity in 2024. By the end of 2026, 17% of our energy will come from the sun, enough to power about 260,000 homes. Since 2017, solar power has saved customers approximately $200 million in fuel costs. Learn more about solar energy.
Smart investments that increase energy efficiency.
The increased cost of fuel in 2022 created the largest impact on customer’s bills in 2023. To help lower costs and deliver long-term affordability, we’re deploying various strategies to lower our dependence on natural gas and be more energy efficient. These measures include optimizing our power plants and purchasing power from other companies if it results in a lower cost for you. One example of this is the recently completed Big Bend Power Plant modernization project, which increases efficiency, reduces carbon emissions and will save customers more than $700 million over its lifetime.
Reliable always on energy.
We deliver 99.98% service reliability and continue to invest in our Storm Protection Plan (SPP) to strengthen and modernize our infrastructure and ensure maximum reliability in blue skies and gray. Our SPP investment trims trees that pose outage threats, installs vulnerable power lines underground and elevates equipment to prevent flood damage. These improvements reduce momentary outages and flickers by more than 50% and tree-related outages by 40%. They also minimize storm damage and costs and speed up power restoration times.
Helpful community investments.
West Central Florida is our home, too. For more than 120 years, we’ve worked hard to help our neighbors and ensure this community has what it needs for a successful future. Last year, we supported more than 150 organizations, and our employees donated more than 30,000 volunteer hours to local organizations. We also partnered with Hillsborough Community College to create our new Electrical Line Worker Training Program. This program helps ensure customers have a skilled electrical workforce and reliable electricity for generations to come. And during this summer’s extreme heat, our shareholders helped qualified customers in need pay their energy bills by donating $1 million to our Share program. Most recently, Tampa Electric team members and their families supported the American Heart Association by raising $300,000 for the Tampa Bay Heart Walk. See how our corporate citizenship initiatives help others.
As we are making a fresh start in the new year, we want to thank you for the support you’ve shown us throughout 2023. Your partnership and resilience inspire us as we continue to work towards providing you with the reliable, always-on power you deserve.
Best wishes, and thank you for allowing us to serve your energy needs.
