New customer offers funded to offset state-wide energy price increases and promote the transition to efficient, all-electric homes
• SVCE rates remain stable as state-wide energy prices continue to rise
• SVCE has increased its discount from one percent to four percent compared to PG&E electric generation rates
• CARE and FERA customers will receive ongoing bill credits from SVCE
• SVCE announces new program to ease the transition to all-electric, pollution-free homes and increase energy efficiency for renters in multi-family properties
Sunnyvale, Calif. – The Silicon Valley Clean Energy (SVCE) 2023 electric generation rates, effective Jan. 1, help to provide greater customer price protection at four percent below the comparable PG&E electric generation rate. This is an increased discount from the one percent discount in 2022. The new rates also provide additional savings for income-qualified CARE and FERA customers, which amounts to $100 in direct bill reductions distributed monthly throughout the year.
Rate Change Details
Under these newly published rates, the average residential SVCE customer is expected to save about $3 on their monthly bills compared to PG&E rates. However, customers will see an average increase of one-and-a-half percent on their overall bills as electricity transmission and distribution prices continue to rise. SVCE continues to deliver on its commitment to competitive prices by providing stable rates for customers. The increased discount relative to PG&E rates is helping to offset cost increases customers would otherwise experience without SVCE service.
“SVCE has maintained our commitment to being cost competitive to PG&E, but we also understand our customers continue to face challenges amidst rising inflation, which is why we are working to support our most vulnerable community members with added discounts and programs,” said George Tyson, SVCE Board Vice Chair. “We are also committed to funding programs that help our customers and communities meet our climate goals by reducing the use of fossil fuels for transportation and buildings.”
Advancing Efficient, Electric Technologies
The SVCE Board approved returning $30 million of its operating budget to customers through the increased four percent discount and two new innovative program offerings – an increased discount of 10 percent on the new E-ELEC home electrification rate and a direct-install program for multi-family properties aimed at upgrading buildings with more efficient electric heating.
“These new programs will help us to further test and showcase a pathway for all-electric buildings that can be cost-effective and equitable,” said Girish Balachandran, SVCE CEO. “SVCE customers and communities are committed to fighting climate change, and we want to continue finding ways to help all of us get to a carbon-free future together.”
Additional program details are forthcoming and will be made available later this year. To stay up-to-date on all customer offers and services, sign up for the SVCE newsletter.
About Silicon Valley Clean Energy
Silicon Valley Clean Energy is a not-for-profit, community-owned agency providing clean electricity from renewable and carbon-free sources to more than 270,000 residential and commercial customers in 13 Santa Clara County jurisdictions. As a public agency, net revenues are returned to the community to keep rates competitive and promote clean energy programs. Silicon Valley Clean Energy is advancing innovative solutions to fight climate change by decarbonizing the grid, transportation, and buildings. Learn more at SVCleanEnergy.org.
Senior Manager of Communications