TVA is increasing electricity prices starting October 1st.
As a result, many Tennessee residents will face higher electricity bills.
The federal agency said the move would support future energy development.
The service tariff is up 5.25% on an average household electricity bill.
“This could result in an increase of about $4.35 cents per month,” said Scott Fiedler, a TVA spokesman.
Fiedler says rising costs are a problem for everyone and he knows higher payments are unavoidable.
“We have absorbed as many costs as possible, but things like inflation … supply chains have also increased costs, along with all these huge Amount of growth that we are seeing,” he said.
TVA experienced population growth last year and issued its first rate increase in four years.
The agency’s board is examining whether nearly $16 billion is available to meet electricity needs over the next three years.
“And What that will do is Help us build additional power generation facilities that include natural gas, solar and more nuclear power,” Fiedler said.
With the interest rate increase to go in Effective this fall, consumers can start saving now.
According to EPB Pro expert Nate Thomasson, most high bills are due to poor insulation and arbitrary thermostat settings.
He says EPB offers free home energy checks and other incentives to keep your bill low.
“We can help you set priorities,” Thomasson said. “You know, this is the one that’s using the most electricity right now.” The is your biggest problem.”
Advice you should consider if your electricity bill goes up again.
“We don’t have a crystal ball, but we believe we are in a good place right now,” Fiedler said.
EPB officials say the TVA’s electricity rate increase will not change because of the TVA and no increase is planned for next year.
Here are ways to plan an EPB-free energy check for your home Here.
