Salt River Project (SRP) customers will see lower utility bills starting this May.
SRP’s publicly-elected Board of Directors approved an average annual price decrease of 2.2 percent – or $64 million overall – after a three-month public process last week.
“The Board thoughtfully and deliberately discussed, or debated, a number of different issues during this very public process before agreeing on this overall price reduction,” SRP President David Rousseau said in a statement. “Ultimately, each Board member voted for what they believe is in the best interests of SRP’s more than 1 million customers they were elected to represent.”
While decreases will vary based on customer type and price plan, customers will see a decrease of roughly $1.78 per month in their electric bill.
According to SRP General Manager and CEO Mike Hummel, SRP has kept prices stable over the past four years through “prudent operations and management, strategic resource acquisitions and taking advantage of market conditions that…allowed SRP to generate a greater share of energy using lower-cost natural gas.”
“Deliberating pricing measures for SRP customers is one of the most important responsibilities of SRP’s Board,” Hummel said. “I want to thank the Board for demonstrating their commitment to our customers with their engagement and ideas throughout the process.”
The Board also approved a change in summer on-peak hours, changing it from 1:00 to 8:00 pm to 2:00 to 8:00 pm; additional pricing options for residential customers who use rooftop solar or other technologies to produce their own energy; and a significant increase in SRP’s Bill Assistance program.
In addition, SRP will increase the amount they match to the Services to Help Arizonans with Relief of Energy (SHARE) program – which provides energy assistance to those in need – to a $500,000 five year annual minimum.
For more information about pricing changes, click here.