CLAY COUNTY, Fla. - Residents across northern Florida who get their electricity from Clay Electric Co-op will be seeing a break on their electricity bills soon after the co-op lowered their cost of electricity by $5 per 1,000 kilowatt hours of electricity.
The decrease in cost comes as a result of Clay Electric being able to purchase power at a lower cost, known as a Power Cost Adjustment, which appears as a separate charge on customer's bills.
As a result they are passing those savings on to customers.
"The lower PCA comes as a result of our power supplier, Seminole Electric Cooperative, continuing to purchase fuel at the lowest possible price and our desire to lower our revenue so we don't end up over-collecting by year's end," explained General Manager and CEO Ricky Davis. "By lowering our PCA now, we're able to adjust the revenue we receive from the sale of electricity so it better matches our expenses," Davis said.
With the decrease in cost, Clay Electric now has the second lowest rate for electricity out of 15 electric cooperatives operating in Florida. With the heat of summer making itself felt, and air conditioners working to push back against that heat, Clay Electric hopes the lower costs will bring some relief to consumers.
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