Customers continue to receive carbon-free electricity from community-owned agency at lower costs
Sunnyvale, Calif. – The Silicon Valley Clean Energy (SVCE) Board of Directors set 2018 electric generation rates at the March 14 board meeting. The new rates are more competitive to PG&E than the previous year and take effect on April 1, 2018. An average residential customer with a monthly electric bill of $100 per month, will save about $40 per year with the new rates.
“The SVCE Board is committed to providing customers with carbon-free power for less than PG&E,” says Courtenay Corrigan, SVCE Board Chair. “The new difference in rates means an estimated $20 million in annual on-bill savings for all SVCE customers for 2018. This is money that will stay in our customers pockets each year and goes back into our local economy.”
PG&E electric generation rates increased by an average of nine-percent from 2017, and their added fees increased as well. In response, the SVCE Board set rates to continue providing customers a discount compared to what they would pay if they were a bundled PG&E customer. SVCE takes PG&E’s fees into consideration when setting rates so that in total, customers continue to pay less for cleaner power.
“Core to our mission is returning value to our customers by providing clean electricity procured from carbon-free sources, while also maintaining competitive prices and offering local energy programs,” says SVCE CEO, Girish Balachandran. “The new rates provide for increased customer savings while still allowing us to reach our target reserves on time and maintain our strong financial status.”
As a Community Choice Energy agency, SVCE is locally governed by 13 communities, and the rate setting process is discussed during open, public meetings. The agency’s finances remain in a good position with the agency retiring all debt ahead of schedule in January 2018, and receiving an award from the California Society of Municipal Finance Officers for its FY 2017/18 Approved Operating Budget.
Sample Residential Rate Comparison
*Based on SVCE residential average usage of 450 kWh/month
About Silicon Valley Clean Energy
Silicon Valley Clean Energy is a community-owned agency serving the majority of Santa Clara County communities by acquiring clean, carbon-free electricity on behalf of residents and businesses. As a public agency, net revenues are returned to the community to keep rates low and promote clean energy programs. Member jurisdictions include Campbell, Cupertino, Gilroy, Los Altos, Los Altos Hills, Los Gatos, Milpitas, Monte Sereno, Morgan Hill, Mountain View, Saratoga, Sunnyvale and unincorporated Santa Clara County. SVCE is guided by a Board of Directors, which is comprised of a representative from the governing body of each member community. For more information, please visit SVCleanEnergy.org.
Media Contact:
Pamela Leonard
Community Outreach Manager
pamela.leonard@svcleanenergy.org
(408) 721-5301 x1004
