The second and final rate increase of the year for Wake Forest Power residential customers will take effect in September.
In March, confronted with spiraling equipment and materials costs and major supply chain issues following a string of mild winters, and facing a potential deficit of as much as $12 million over the next three to four years, the Board of Commissioners voted to raise residential rates 9.5 percent in both April and September.
September’s rate increase means that a customer using an average of 910 kWh per month who is now paying $135.75 a month ($1,628.96/year) will pay nearly $13 more per month ($148.58/month and $1,782.94/year).
Despite this year’s two rate hikes, the September increase will mark only the fifth time since 2008 WFP has raised electric rates.
A division of the Town of Wake Forest, Wake Forest Power operates as an enterprise system which means no taxpayer dollars are used to subsidize the not-for-profit utility. Instead, electric rates are set to cover operating expenses and costs associated with providing reliable electric service.
For more information, contact Assistant Town Manager/Chief Financial Officer Aileen Staples at 919-435-9461 or astaples@wakeforestnc.gov.
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