As gas prices continue to soar, consumers are wondering when electricity rates will follow. According to News 2, Dominion Energy customers could start seeing a price increase come May.
Dominion Energy recently requested the Pubic Service Commission of South Carolina’s approval to increase rates. The utility company is citing rising natural gas, oil and coal prices as the reason behind the increase. Customers can expect to see a 5.19% rate increase if approved on April 7, 2022.
Rate increases happen all the time in the fuel industry. This is largely to ensure the company is still making money all while able to produce enough energy to power a communities homes. However, the constant increases add up.
The last rate increase occurred in July 2021. Dominion raised rates after fuel costs rose by nearly 50% from 2020 to 2021. News2 is reporting that about 20% of a residential customers bill represents the cost of fuel to operate Dominion’s power plants. This means we are still overpaying for power daily.
With rates skyrocketing, solar seems to be an answer homeowners are looking to. Homeowners who qualify can lock in a fixed rate for energy for the next 25 years. This program is going to be phasing out soon, so the time to lock in rates is now. You can go ahead and fill out an application here.
At Second Sunrise Solar, we will walk you through the process every step of the way. Our team works as fast as possible to get you to a brighter future. Call our office at 843-606-4512 to speak to a member of our team.