While the cost for nearly everything—including electricity—has increased over the past couple of years, your cooperative is excited to announce a price reduction for member-owners!
As of bills issued in August, you will see a decrease in the amount paid for electricity.
What this means for you:
On average, REC residential member-owners use about 1,347 kWh of electricity each month. This means you will see a cost decrease of 2.91%, or $5.81. If you use more electricity each month, the decrease could be higher, and if you use less electricity, the decrease could be lower.
The change reflects a drop in the cost REC pays for electricity from its wholesale power provider, Old Dominion Electric Cooperative.
REC will continue to monitor the fluctuating energy market. Power cost adjustments occur at the start of each year, and if prices continue to trend downward, the Cooperative hopes to pass along another decrease at the start of 2024.
You can Help Control Energy Costs
Sign up for the Summer Savings Plan,
- It’s free to enroll, and you earn a rebate when you reduce your energy use on specific days during the summer.
- We will contact you to let you know which days we need you to take action to reduce energy use.
- Out of 9,000 hours in a year, there are 5 hours in the summer that help determine the cost REC will pay for wholesale power the following year.
- The more members enrolled and taking action, the more likely we will be able to minimize the cost.
- Visit www.myrec.coop/summersavings to learn more and to enroll.
- Your participation in this program is so important. We will pay you 75 cents for every kWh not used during the specified hours compared to what you would normally use.
