(COLORADO SPRINGS) — Colorado Springs Utilities (Springs Utilities) will propose energy rate decreases at the Utilities Board meeting on Wednesday, Feb. 22.
Springs Utilities says the proposal is in response to lower-than-expected costs for natural gas driven by increased U.S. supply and lower demand.
The new rates would be effective March 1 if approved by City Council on Tuesday, Feb. 28. Once approved, Springs Utilities’ electric rates would be 19% lower than average. Natural gas rates would be 23% lower than average.
Individual customer billing varies depending on weather, household use and home efficiency, states Springs Utilities. The estimated impact would be a decrease of about $24 per month on the average residential bill. This is the second energy rate decrease approved since November 2022, according to Springs Utilities.
As a nonprofit, community-owned utility, Springs Utilities passes fuel costs directly onto customers four times a year (typically January, April, July, and October). This decrease is one month earlier than scheduled to help pass on savings to customers sooner, following Utilities Board guidelines, per Springs Utilities.
Springs Utilities says it buys natural gas at lower rates when demand isn’t as high and uses other long-range tools to lock in a portion of supply at lower prices in order to protect customers from changes in the market.
To get help managing bills, go to budget billing. Payment assistance programs are available through Project COPE year-round. The Low Income Energy Assistance Program (LEAP) is available through April 30. Visit csu.org for more information. $50 rebates are available for households using ENERGY STAR smart thermostats.
Recent cold weather may still result in customers seeing high heating bills, states Springs Utilities. A few steps can help manage costs:
- Weatherstrip doors and windows to reduce the amount of air loss from your home.
- Change your furnace filter every 30 days and schedule regular service.
- During winter, set thermostats no higher than 68 degrees when home and 60 degrees when away or sleeping.