GREEN COVE SPRINGS, Fla. – Green Cove Springs residents are welcome to attend two public hearings regarding the possibility of a 14% electric rate hike to address sustainability, technology and infrastructure maintenance.
There will be two opportunities for the public to speak at the City Hall on 321 Walnut Street:
- Tuesday, May 6 at 6 p.m.
- Tuesday, May 20 at 6 p.m.
The city considered the proposed 14% rate increase for 2025, followed by smaller adjustments in the future to help “invest $33 million in vital upgrades through 2032.”
Prior to 2024, it had been almost nine years since the city had an electric rate hike, according to city leaders. The rates were raised in January 2024 and October 2024.
Around 2020, the city had roughly $10 million in reserve funds. That lasted through the pandemic and massive inflation earlier this decade. However, city leaders said now they’re almost out, and the reserve fund is down to around $3 million.
The cost of operating an electric utility has risen significantly, according to the city. The city said the electric system requires major upgrades and maintenance, such as replacing two 48-year-old station transformers, voltage conversions to enhance power reliability and upgrading aging distribution lines.
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The city also said the residential growth in and outside of Green Cove Springs was not a driving force for the increase.
The city council is set to vote on the rate increase on May 20.
If approved, the following changes would take effect on June 1, 2025, and October 1, 2025:
Residential Customers
- Increases from $16.50 to $18.81 on June 1, 2025
- Increases to $19.94 on October 1, 2025
Small Commercial Customers
- Increases from $16.50 to $18.81 on June 1, 2025
- Increases to $19.94 on October 1, 2025
Large Commercial Customers
- Increases from $66.00 to $75.24 on June 1, 2025
- Increases to $79.75 on October 1, 2025
Energy Charges (per kWh)
Residential Customers (Usage under 1,000 kWh)
- Increases from $0.11869 to $0.13531 on June 1, 2025
- Increases to $0.14343 on October 1, 2025
Residential Customers (Usage over 1,000 kWh)
- Increases from $0.12344 to $0.14072 on June 1, 2025
- Increases to $0.14916 on October 1, 2025
Small Commercial Customers
- Increases from $0.12617 to $0.14383 on June 1, 2025
- Increases to $0.15246 on October 1, 2025
Large Commercial Customers
- Increases from $0.09275 to $0.10574 on June 1, 2025
- Increases to $0.11208 on October 1, 2025
Visit www.greencovesprings.com for more information.
