Last Updated: November 19th, 2020 at 10:10 am
Read Time: 2 Minutes
Interesting news coming out of Virginia earlier this week: Dominion Energy customers paid more than $365 million in excessive rates last year, according to a report from the State Corporation Commission.
The Associated Press notes that Dominion’s base rates “produced a nearly 14 percent return on equity, a measurement of profitability, in 2017. The commission has ruled recently that a fair rate should be around 9 percent or 10 percent.”
Meanwhile, Appalachian Power, the second-largest power company in the state behind Dominion, had more than $26 million of excess revenues in 2017, per the SCC report. Appalachian Power produced an 11.4 percent return on equity.
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Both companies are within their right to hold onto excess earnings after State Bill 966 passed earlier this year. Instead of having to refund money deemed excess profits to consumers, the bill allows both utilities to use those additional funds to make investments in the power grid and in renewable energy.
What that means is that Dominion customers paid 4.6 percent more in 2017 to help modernize the company’s infrastructure and pave the way for powering its future, and Appalachian Power customers paid nearly 2 percent more for the same thing. The new state law means each company can continue to charge more than 9 or 10 percent without repaying money deemed as overages.
If you’re disappointed by having to pay that additional money for your power, we can understand why. This may be an opportunity for customers of both Dominion and Appalachian Power to start shedding their reliance on those utility companies and instead start relying on their own clean, renewable energy provided by solar panels on your home. POWERHOME SOLAR can help you get there.
With our innovative solar program, homeowners can go solar for $0 up-front cost, save money on their electric bills, and generate their own clean energy. The solar panels installed on your home are American-made and come with a 25-year warranty, with many panels expected to last well beyond that. A 30 percent federal tax credit on newly installed solar systems is also potentially available for consumers.
Please feel free to fill out the handy form below or contact POWERHOME SOLAR at 800-765-2715, and one of our solar representatives will help you determine whether your home qualifies for this solar program.