The City of Homestead, Fla., recently announced a substantial reduction in the Power Cost Adjustment portion of Homestead Public Services electric bills, effective May 15, 2024.
Thanks to lower fuel costs associated with power generation, the electric utility will be decreasing the pass-through costs from $40.50/megawatt-hour to $24.00/MWh.
The average residential bill (based on 1,200 kWh) will see a significant decrease of $19.80 per month, plummeting from $147.60 down to $127.80. This equates to a 13.4% reduction.
Homestead also noted its standing in the statewide Florida Municipal Electric Association Bill Comparison Report.
Currently ranked 19th out of 37 municipal and investor-owned electric utilities in the state, Homestead's rates are notably below the average for IOUs and in line with the average for municipally-owned utilities.
With this upcoming change, Homestead will rank as the 7th lowest energy bill in the state. Notably, Homestead's energy bills will be 14.7% below the municipal average
