The Florida Public Service Commission (PSC) today approved cost recovery for the first phase of Tampa Electric Company’s (TECO) solar project plans.Upon completion in September 2018, TECO’s renewable generation will grow from nearly 27 megawatts (MW) to more than 150 MW.
PSC Chairman Art Graham said, “By more than tripling its solar generation, TECO will save customers $3.3 million in fuel costs through the end of this year.”
Last year, the PSC approved an agreement, which froze TECO’s base rates until January 1, 2022, but allowed the company to recover the costs of added solar generation. TECO’s first two solar projects (phase 1) are scheduled for completion in September 2018, with additional phases planned for completion in 2019, 2020, and 2021.
TECO’s phase 1 solar projects include Payne Creek, a 70.3 MW facility in Polk County and Balm, a 74.4 MW facility in Hillsborough County. The additional revenue requirement for the two projects is $24.2 million. This translates to a monthly bill increase of $1.85–from the current $106 to $107.85–beginning in September for a residential customer using 1,000 kWh.
Tampa Electric serves more than 750,000 customers in Hillsborough, Polk, Pinellas, and Pasco counties.