Impacts to your Energy Bill
Lower bills starting January 2024
On November 1, 2023, the Public Service Commission (PSC) approved Tampa Electric’s request to significantly reduce bills for 2024, based on projected costs for fuel, storm costs and new solar plants we are constructing. Effective in January, the typical residential customer’s monthly energy bill will decrease by about 11 percent. Commercial and industrial customers would see a decrease between 10 and 18 percent. Reductions can vary, depending on usage. For a residential customer who uses 1,000 kilowatt hours (kWh) of electricity, the monthly bill will drop by $17.65, to $143.48. With this reduction, Tampa Electric rates will be well below the national average and be among the lowest in Florida.
Why fuel costs impact electricity bills
We have four ways of generating power – natural gas, purchased power, solar and coal. Natural gas is the majority of our fuel mix at 86 percent. Our other fuel sources include solar at 12 percent and coal at 2 percent. Fuel costs are passed through to customers at our actual cost and are regularly reviewed by the Florida Public Service Commission (PSC). It is important to note that Tampa Electric does not profit from fuel costs.
The fuel charge makes up about one-quarter of a residential customer’s bill. The approved fuel costs are based on projected costs for 2024 and actual costs from prior years.
Impacts to your Energy Bill in 20242022 Fuel PricesIn 2022, the price of natural gas rose more than 70% over the prior year. This led to increased uncollected fuel costs, which we began to collect in April 2023 and offered to spread over 21 months, until December 2024, to help reduce the impact on customer bills.Our 2024 approved reduction is primarily attributed to lower natural gas prices in 2023 which are forecasted to remain lower into 2024. This situation allows us to collect the 2022 outstanding fuel costs faster and reduces the remaining amount that will be collected in 2024.2022 Storm CostsIn 2022, Tampa Electric promptly restored service after our service territory was impacted by two hurricanes, Ian and Nicole. Although TECO paid storm expenses upfront, like fuel, storm costs are passed directly to customers without any markup.Storm costs were initially spread over 12 months, ending in March 2024. To further reduce bills in 2024, we proposed to collect the remaining storm costs through the end of 2024. |
We realize that even with an expected reduction in 2024, we understand that energy costs remain a concern for many customers. Here’s what we’re doing to help:
- We donated $1 million to help qualified customers pay past-due bills via our Share program, which assists residential customers having difficulty making utility bill payments. If you are in need of assistance, call 211.
- Flexible payment arrangements are available. To discuss what payment options are available, call us at 888-223-0800 (Residential) or 866-832-6249 (Business).
- Paused disconnections for nonpayment during periods of extreme heat, when temperatures are 93 degrees or higher.
We also suggest these options to help lower your usage and therefore your bill:
- 30+ Energy Saving Programs: We offer more energy saving programs than any other utility in Florida, to help you save energy and save money. Visit our residential Save Energy and business Save Energy.
- Savings Tips: There are simple actions you can take to help lower your electric bill. For hot and cold weather tips, as well as everyday energy-saving tips, check out our energy-efficiency tips for home and business.
- Interactive Bill: Access personalized insights on your bill, available at TECOaccount.com. It shows a monthly and yearly usage comparison with actionable recommendations on how to save money and energy, customized for you.
Do you need help paying your bill?Some customers may qualify for assistance from federal and nonprofit programs for household expenses and utility bills. Please call 211 to learn about government and nonprofit programs you might qualify for, including Tampa Electric’s Share program. Learn more about financial assistance available. |
- Scam Awareness: If you're behind paying your bill, you're more likely to fall victim to a scam. We will NEVER call and demand payment. Learn more about how to avoid losing money to these bad actors: Scam Alert
Learn More
Understanding your Bill: Learn about the charges on your bill and what they mean. Understanding your bill can help you think about ways to lower your energy costs. Understanding Your Bill
Understanding your Rates: Learn about the factors, like fuel costs, that affect your bill and how they are calculated. About Your Rates
Tampa Electric’s commitment to long-term affordability: Today, we're Florida's top producer of solar energy per customer, and while fuel costs still impacted us greatly, we’ve reduced fuel costs for customers by about $200 million since 2017. We continue to invest in solar projects, contributing to a cleaner energy future and reducing customers' fuel charges in the process. We also continue to drive efficiency at our power plants, which also contributes to less fuel use over time. Our recently completed Big Bend Modernization project will save customers more than $700 million over its life.
