OPALCO Board passes 2023 budget and rates
Posted December 2, 2022 at 4:34 pm by San Juan Update
OPALCO shares news about rate changes coming in 2023 and beyond.
The 2023 OPALCO annual budget was approved at the Nov. 17 board meeting. It includes a six percent rate increase for all members, funding for construction of the Bailer Hill Community Solar Project, and energy efficiency incentives.
The budget forecasts a six percent rate increases for each of the next five years to keep up with inflation, the rising costs of power and labor, and to manage the co-op’s equity position. The co-op uses equity to borrow federal funds for major capital projects, like the submarine cable replacements that are scheduled in the next 10–20 years.
OPALCO continues to leverage grant funds and the Bonneville Power Administration rebate program to encourage members to make their homes and business more energy efficient and help reduce their total energy spending. OPALCO’s on-bill financing program, Switch It Up, lets members start efficiency projects now and pay for them later. Members in good standing can get projects such as weatherization, solar and battery projects, or upgrades to heating systems installed with no money down and two percent interest. Other residential and commercial rebates are also available.
OPALCO’s second community solar project, the Bailer Hill Microgrid, is scheduled to begin construction in 2023, and members will be able to purchase a piece of the project as soon as next spring. Community solar is locally produced power that members buy into and get credits on their bill for the energy produced. These projects are funded through grants and by the members who buy into the project. This project will includes battery storage like OPALCO’s Decatur Island Microgrid.
The budget also includes increased support for energy assistance to households who struggle to pay their power bill. There are two programs that members can apply to for bill assistance — Project Pal, which is a grant once each year during the heating season, and Energy Assist, which provides a bill credit every month based on household size. Islanders can apply for energy assistance online or through the Family Resource Center.
You can support the San Juan Update by doing business with our loyal advertisers, and by making a one-time contribution or a recurring donation.
Categories: Around Here