SECO Energy is once again lowering the cost of electric service. The not-for-profit electric cooperative will apply a higher member-favorable Power Cost Adjustment (PCA) to members’ bills beginning October 1, 2020. The PCA calculation appears on monthly statements as a line item titled “Hot Bucks.”
Since January 1, 2020, SECO’s rate for the first 1,000 kilowatt hours (kWh) consumed has been $116.90. The reduction on October 1 will lower the amount by $4.50 per 1,000 kWh to $112.40 or approximately 4%. Between January 1, 2014, and October 1, 2020, the price for $1,000 kWh of electricity has decreased by $15.35 or 12%.
CEO Jim Duncan stated, “Providing affordable electric service is a high priority for a not-for-profit electric cooperative like SECO Energy. Going back to January 2014, the rate for 1,000 kWh was $127.75. We applied several member-favorable PCA adjustments since early 2014 to correspond with fuel cost decreases.”
SECO’s PCA factor fluctuates based on the amount the cooperative pays for power purchased from its wholesale power provider Seminole Electric Cooperative, Inc. SECO works closely with Seminole to ensure the lowest rates possible for members. When the wholesale cost of purchased power decreases, SECO passes those savings along to members.
Duncan added, “Since 2014, there were times when fuel costs rose and SECO adjusted the PCA to reflect the increase. For the most part, the PCA adjustments SECO has made have consistently lowered members’ bills.”
SECO also encourages members to use electricity efficiently and reduce their energy consumption. Visit our Energy Efficiency page to complete the Home Energy Assessment for an online energy audit. Try the Energy Estimator to calculate the energy use and costs associated for everyday electronics, appliances, lighting and more.