Board of Trustees Approves Alternative Residential Rate

OEC's board of trustees approved an alternative to the time-of-use rate, which has been the only residential rate for the better part of the last decade. Members who have tested the new Standard Residential Rate have discovered long-term savings by deciding to switch, and you could too.

"Several years ago when we rolled out our time-of-use rate, it put the opportunity to save money in the members' hands by making small adjustments to the time of day they used electricity rather than the amount they used," said CEO Patrick Grace. "What we have found, however, tells us members simply want a rate they can understand and one that makes their bills reasonable."

Created as an option for members who would rather not program appliances or modify electricity use — especially during the hot summer months — the Standard Residential Rate features one year-round price per kilowatt hour and a discount for kilowatt hours used in excess of 1,000 during the winter months.

"Our data shows us that about 7,500 member accounts could save over $200 over the course of the year just by switching rates," said Grace. "Others could save less or more. Try out our website's rate calculator to use your account's data from the last 12 months to determine the best rate for you."

It's important to remember that most members who switch to the Standard Residential Rate will not see savings right away, but could over the course of a year. For example, summer bills could be lower when compared to last summer's, but winter bills could be higher.

"We try to avoid comparing one year to another because there are so many factors when considering an electric bill," said Grace. "Weather plays a huge part in determining energy savings (and increases), as does a change in the household or their routine, natural gas prices, the cost of meeting energy regulations and more."

Interested in learning more or seeing which rate is right for you? Visit www.okcoop.org/rates for more information and a comparison of rates.