With our busy schedules, when my wife and I go to the grocery store we often divide and conquer. While grabbing a gallon of milk the other day, I stopped to look at its price and contemplated all the work behind the dollar sign.
The same goes for electricity. There’s a lot that goes into bringing electricity from diverse generation sources to your home or business so you can flip on a light switch and have electricity whenever you need it. And your cooperative is focused on creating programs and services to further add value to your life by developing solutions aimed at saving you time, energy, and money.
Yet, as the price of milk, bread, coffee, gas and virtually everything around us has all gone up significantly, your electricity has remained a substantial value over the years — even decreasing in cost in 2021 and again in 2022.
Poudre Valley REA proudly offers the lowest residential rate of any electric cooperative in the state. We’re $15 lower than the nearest co-op and $29 lower than the state average. As your not-for-profit cooperative, we continually seek efficiencies and innovations to operate as cost-effectively as possible so your rates are as affordable as they can be.
In 2024, we anticipate a 7% increase in our wholesale power cost from our power provider, Tri-State, which accounts for 80% of our total expenses. While this increase presents a very real challenge to maintain affordability, your cooperative has taken proactive steps that protect our members from the full impact of these rising costs without compromising the quality of service you deserve and expect.
Thanks to our strong financial health and future-focused planning, including a commitment to do more with less, manage costs, and implement rate stabilization efforts, we are not passing on the entirety of these increased costs in 2024. Instead, rates will incrementally increase approximately 2% per year for the next three years. For the average member using 1,000 kWh per month, this results in roughly a $2 increase each month.
For more information on the proposed rate tariff changes, please visit our page here.
Even with these proposed increases, we will still be firmly planted as #1 when it comes to having the lowest residential rates among electric cooperatives in Colorado. Maintaining affordable rates does not happen by accident. It starts with the leadership and direction from your Board of Directors and the execution of that direction by the employee team.
So, the next time you flip a switch, use your toaster, or run your washing machine, remember the value electricity holds. And know that at Poudre Valley REA, we are working behind the scenes to keep electric bills affordable, control costs through innovation, and put you — our members — first in all that we do.
We understand that electricity is essential to your everyday life, and we’re here to help you answer any questions and make the most of your PVREA membership. That’s the Poudre Valley difference.
Hope you and your family have a blessed Thanksgiving!