Last Updated: May 6th, 2020 at 1:13 pm
Read Time: 2 Minutes
I&M territory customers face another rate increase
It was a little more than a year ago when news came that Indiana Michigan Power Co.’s $49 million electric rate increase was approved. At the time, customers of Indiana Michigan Power (I&M) were facing a 17.9 percent rate increase on their monthly energy bill under the assertion that the company needed to replace infrastructure and adopt advanced technology.
Fast forward to 2019, and I&M is requesting another rate increase. This time, the company is aiming to be granted an increase to its electricity rates that amounts to $58.5 million. If granted, this would mean an increase of nearly 25 percent for all residential customers. There are 129,000 retail electric customers in southwest Michigan alone.
With I&M seeking this second double-digit increase, Michigan Attorney General Dana Nessel plans to intervene in the case. Recently, Nessel filed an official notice of intervention saying, “On the heels of a 20-percent rate increase for customers just last year, I&M has no business looking for another exorbitant rate hike on the backs of our residents. This increase is simply unsupportable and unreasonable on its face.”
Should the latest rate increase be enacted, the average homeowner paying $100 per month before the 2018 rate increase could now see their bill rise to approximately $147. Intervention from the attorney general is great, but it does not guarantee anything.
At POWERHOME SOLAR, we have one mission and one mission only: help homeowners from Michigan and the rest of our eight-state footprint add solar at an affordable rate. By adding solar energy, we can help homeowners insulate themselves from energy rates that continue to rise. By locking in your energy prices today, you don’t have to worry about energy companies requesting and being granted these rate hikes.
If you’re exhausted of feeling hopeless against rising energy prices, contact POWERHOME SOLAR at 800-765-2715 and speak with a solar consultant to see how you can make the switch today. Solar customers also have the chance to add battery storage that can provide power to your home during power outages.