Wake Electric Announces First Rate Increase in Seven Years
As record inflation continues to result in steep increases in the price of gasoline, groceries and other everyday goods, the cost of electric system investments and improvements necessary to keep our electric system reliable and resilient is also increasing. The cost of investments in power lines and substations has increased significantly due to inflation and material supply disruptions.
Effective Jan. 1, our residential rate will increase from 10.7 cents per kWh to 11 cents per kWh, a 2.8% difference. Periodic rate adjustments ensure the financial strength and security of your cooperative and our ability to continue providing our members with reliable electric service today and in the future.
This is Wake Electric’s first residential rate increase since 2015. Actually, the most recent residential rate adjustments were small decreases. Even in a rising cost environment, we are committed to keeping your bill as low as possible. Despite this current rate increase, Wake Electric provides its members some of the lowest electric rates in the region. Rising costs may affect your cooperative, but our commitment to you, our members, is that we will do everything possible to mitigate these costs.
To learn more, visit the following pages: