Board continues commitment to community reinvestment
Sunnyvale, Calif. – The Silicon Valley Clean Energy (SVCE) Board of Directors approved a budget update at the December 2023 board meeting, which includes maintaining a 4% generation rate discount in 2024 for SVCE customers, additional discounts for income-qualified customers, and an additional $20M allocation to community programs. This added program funding marks over $116M committed to customer offers and services by SVCE.
New electricity rates took effect on January 1, 2024. This annual rate update takes place each year after the California Public Utilities Commission approves the PG&E electric generation rate changes.
SVCE customers will see a blended average increase of 26% from generation, transmission, delivery, and fees on their 2024 energy bills.
As voted on at the December board meeting, SVCE will continue offering a 4% generation rate discount compared to PG&E for 2024 rates. This discount will save the average SVCE customer approximately $42 annually in electricity generation costs.
An additional discount for income-qualified CARE/FERA customers was approved to continue in 2024. This discount will be distributed to 27,500 customers in the form of bill credits dispersed throughout the year that will total approximately $150.
“SVCE continues to balance affordability, reliability and availability of our clean energy while exploring innovative financing and power purchase agreements that result in savings and long-term stability for customers,” said George Tyson, SVCE Board Chair and Los Altos Hills Councilmember. “On-bill savings is just one of the many ways that SVCE reinvests into our communities. In the past year, customers have used SVCE rebates to make healthier and safer electric equipment upgrades in their homes, and taken advantage of new rate plans that help them save on their bills.”
The main drivers behind the 2024 rate increases are the rising costs to procure electricity and PG&E’s initiatives to ensure the safety and reliability of its energy services.
Since SVCE began providing electric generation service in 2017, the agency has provided clean, reliable electricity and reinvested locally through a variety of customer programs and services. By maintaining a customer rate discount, SVCE has helped customers save over $100M on electric bills and has dispersed $9.25M in bill relief to income-qualified customers.
Beyond bill savings, SVCE has committed over $116M to customer programs to reduce local pollution. The additional $20M allocated during the December board meeting will go towards funding grants for SVCE member communities and additional customer programs.
To date, customers have received and reserved more than $2M in customer rebates, and SVCE is preparing to launch a $20M program for multifamily affordable housing electrification and EV charging support. The agency recently published an Impact Report which details the benefits that the 20+ SVCE programs bring to the community.
Customer Resources to Save Energy and Money
SVCE offers Time-of-Use rates (TOU-C, EV, or E-ELEC) that provide lower-cost electricity during off-peak times. With these rates, customers can save by shifting major electricity use into their off-peak hours.
Taking energy efficiency steps such as sealing leaky windows or using smart power strips can prevent ongoing energy loss. Larger measures, such as adding insulation or installing energy efficient windows are eligible for tax credits through the Inflation Reduction Act. The SVCE Do-It-Yourself Energy Savings Toolkits, which contain tools to increase energy efficiency can be checked out at local libraries. Learn more at www.svcleanenergy.org/diy-toolkits/.
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 272,000 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.
Michaela Pippin, Principal Communications Specialist