Dang! 28% rate hike!!!

[NLOVNIT]

AEP is raising electricity rates in OH by a whopping amount, starting in June. I'm part of my twp's aggregate which negotiated a set rate for a set period of time so I'll be able to keep my rate past the AEP increase date; but, it's gonna hurt when the contract gets re-negotiated. That's a lot to absorb on a fixed income.

[n2zon]

Originally Posted by NLOVNIT

AEP is raising electricity rates in OH by a whopping amount, starting in June. I'm part of my twp's aggregate which negotiated a set rate for a set period of time so I'll be able to keep my rate past the AEP increase date; but, it's gonna hurt when the contract gets re-negotiated. That's a lot to absorb on a fixed income.

Ouch!

I feel your pain. We're also on a fixed income unless you count SSA's COLA adjustments. We've had big increases locally since the then-governor forced the Indian Point nuclear plant to close without an economical replacement a few years ago. Our rates now rise as high as 31.6 cents per kWh in the winter. ("We're from the State. We're here to help." "Gee, thanks.") The local rate numbers are fresh in my mind because I do home energy management briefings for new homeowners, and did one just this morning.

About the only thing you can do about it is to install a solar system but they're expensive with a long payback. I'm being torn in two directions: Dig in, and invest in solar and better backup power, or just move out of NYS. The latter is gaining traction, as much as we hate to pull up stakes after 43 years.

[Rhody_Chris]

Originally Posted by NLOVNIT

AEP is raising electricity rates in OH by a whopping amount, starting in June. I'm part of my twp's aggregate which negotiated a set rate for a set period of time so I'll be able to keep my rate past the AEP increase date; but, it's gonna hurt when the contract gets re-negotiated. That's a lot to absorb on a fixed income.

Here in Rhode Island we saw a 47% rate hike last fall.

[twogypsies]

Here are electric rates by state:

https://www.chooseenergy.com/electri...ates-by-state/

[NXR]

Originally Posted by NLOVNIT

AEP is raising electricity rates in OH by a whopping amount, starting in June. I'm part of my twp's aggregate which negotiated a set rate for a set period of time so I'll be able to keep my rate past the AEP increase date; but, it's gonna hurt when the contract gets re-negotiated. [emoji33] That's a lot to absorb on a fixed income.

Thanks, I did not know that. We switched to AEP instead of Ohio Edison (First Energy) and I just read that FE is doubling their KWH charge, also in June.

Time to start looking again. I'm sure glad we do not have an all-electric house or an EV to charge.

Ray

[Lt Dan]

Yep, our electricity went up 30% this year and our auto insurance also went up about 32%. It does bite on a fixed income.

[Arch Hoagland]

You're breaking my heart.....come on out here to California where it is over 100 degrees for three months in the summer.

Good thing we're all millionaires....NOT

[NLOVNIT]

Guess a lot of us are in the same boat. I wouldn't mind so much if it weren't for the constant outages that come every spring with the torrential rains. The distribution box that serves the 8 homes in my circle was set too low & it'll short out when it rains so hard a small pond collects in our backyards. Don't even get me started on the brown outs when it's hot/humid in summer. I've complained to deaf ears.

[bokobird]

Originally Posted by n2zon

About the only thing you can do about it is to install a solar system but they're expensive with a long payback. I'm being torn in two directions: Dig in, and invest in solar and better backup power, or just move out of NYS. The latter is gaining traction, as much as we hate to pull up stakes after 43 years.

Took 8 years for me to get my money back...it's not that long when rates are being raised in double-digit percentages. And every rate hike you don't have one, it's that much more you're losing out on.

I've been saving money over the cost of the solar for many years now. My bill still goes up when the rate hikes occur, but not as much for sure.

[NXR]

Originally Posted by bokobird

Took 8 years for me to get my money back...it's not that long when rates are being raised in double-digit percentages. And every rate hike you don't have one, it's that much more you're losing out on.

I've been saving money over the cost of the solar for many years now. My bill still goes up when the rate hikes occur, but not as much for sure.

Unfortunately Ohio is not the best climate for solar, especially northern Ohio near Lake Erie. I think we have 300 cloudy days a year and most are full cloud (gray).

Yet another reason to get out of here, I guess.

On the plus side, I think the solar credit was extended again.

Ray

[Ray,IN]

The required monies to update and rebuild our electrical grids to accommodate EV's and the increasing population has to come from consumers, there is no other source.
I don't know about Ohio but Indiana has a state regulatory utilities board that must approve any rate increase.

[Marine359]

Have you ever heard of a utility losing money. Of course not. Their profits are guaranteed by the PUC that regulates them. Even when a utility has made massive environmental disasters (as happened in my state North Carolina), they pay a small fine and then pay for the toxic cleanup with price hikes to ratepayers. Not an exciting business to be in, but as safe a money bet as buying treasuries. In California, ratepayers paid for the massive explosions caused by a utility’s un-maintained equipment. Same utility’s un-maintained equipment responsible for rampaging runaway forest fires. Who paid for the loss of life and property? Not the utility, not shareholders. Consumers and taxpayers will always pay. Utilities do not suffer moral hazard. There’s no risk.

Home solar only makes sense if you pay enough in taxes to take advantage of the tax credits. It doesn’t pencil if your taxes are low, or non-existent, because there aren’t any federal rebates. State rebates are very small. It does make sense for RVs, as it can enhance the enjoyment of an RV at a pretty low cost. I won’t live long enough to recoup a home solar investment. And as far as solar adding value to your home, you’re much better off doing a kitchen remodel.

Having said all that, we’ll probably be getting home Solar soon. My dw is a certified tree-hugger.

[bokobird]

Originally Posted by Marine359

Have you ever heard of a utility losing money. Of course not. Their profits are guaranteed by the PUC that regulates them. Even when a utility has made massive environmental disasters (as happened in my state North Carolina), they pay a small fine and then pay for the toxic cleanup with price hikes to ratepayers. Not an exciting business to be in, but as safe a money bet as buying treasuries. In California, ratepayers paid for the massive explosions caused by a utility’s un-maintained equipment. Same utility’s un-maintained equipment responsible for rampaging runaway forest fires. Who paid for the loss of life and property? Not the utility, not shareholders. Consumers and taxpayers will always pay. Utilities do not suffer moral hazard. There’s no risk.

Home solar only makes sense if you pay enough in taxes to take advantage of the tax credits. It doesn’t pencil if your taxes are low, or non-existent, because there aren’t any federal rebates. State rebates are very small. It does make sense for RVs, as it can enhance the enjoyment of an RV at a pretty low cost. I won’t live long enough to recoup a home solar investment. And as far as solar adding value to your home, you’re much better off doing a kitchen remodel.

Having said all that, we’ll probably be getting home Solar soon. My dw is a certified tree-hugger.

At the time I purchased the solar system on my roof, the state purchased all the panels in a 6.5kw system for me. They were quite expensive back in '05 and the deal was I had to use a state approved installer. Cost me $23k installation costs and after 8 years, I went into the payback side of things.

I agree, a remodeled kitchen will get you a lot more bang for your buck if you're selling your house, but I'm still in it 18 years later along with all those savings over rate increases (cost per KWh is more than double from when I installed the panels).

My main purpose in getting the system was I did the calculations of how much of my income is simply going to electricity over the course of 10, 20, 30 years. It was an easy decision.

[hamm2018]

Originally Posted by NLOVNIT

Guess a lot of us are in the same boat. I wouldn't mind so much if it weren't for the constant outages that come every spring with the torrential rains. The distribution box that serves the 8 homes in my circle was set too low & it'll short out when it rains so hard a small pond collects in our backyards. Don't even get me started on the brown outs when it's hot/humid in summer. I've complained to deaf ears.

When we lived in Cardington, we had Ohio Edison. Remembered when Hurricane Ike came thru, we lost electric for just about 6 hours.