{"id":41567,"date":"2023-12-20T17:23:24","date_gmt":"2023-12-21T02:23:24","guid":{"rendered":"https:\/\/www.homerelectric.com\/?page_id=41567"},"modified":"2024-03-11T04:45:56","modified_gmt":"2024-03-11T12:45:56","slug":"2024-rate-change","status":"publish","type":"page","link":"https:\/\/www.homerelectric.com\/member-services\/my-bill\/rates\/2024-rate-change\/","title":{"rendered":"2024 Rate Change"},"content":{"rendered":"

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\n2024 Rate Change<\/span>
\n<\/span><\/strong>New HEA rates go into effect on January 1, 2024\"\"<\/strong><\/h3>\n

To address the rising costs of materials and services and to ensure the cooperative continues to provide safe and reliable energy to its members, HEA’s Board of Directors approved the base rate change at a special Board of Directors Meeting on October 31, 2023, after careful deliberation and thorough consideration of the cooperative’s long-term financial health. This strategic decision was driven by our dedication to the long-term energy needs and our commitment to delivering reliable, affordable electricity to our community.<\/p>\n

The cost of electricity is rising across the country. The issue is not unique to any one location or sector. According to the U.S. Energy Information Administration, the average rate for residential electricity has increased by 10.6% over the last 12 months, the largest year-over-year increase in the past decade.<\/p>\n

The last two years have seen rapid price increases due to several factors: inflation, pandemic-induced labor and supply shortages. The largest impact on energy prices is the cost escalation of natural gas, which is one of the primary fuel resources used to generate electricity.<\/p>\n

FAQ
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