FPB Board approves $2 million electric rebate

Free home energy audits also available to customers again this year.

The FPB Board of Directors approved a budget amendment to increase a planned electric rebate from $1.6 million to $2 million at its July meeting. The board also approved issuance of the rebate in August to eligible FPB electric customers.

FPB officially switched wholesale power suppliers from Kentucky Utilities (KU) to the Kentucky Municipal Energy Agency (KyMEA) on May 1, 2019. This change is expected to save the FPB approximately $5 million annually on wholesale power expense during normal customer usage patterns. 

As a result of this savings, FPB will return $2 million back to eligible electric customers. This includes $1.6 million of the estimated annual wholesale power savings plus $400,000 from a wholesale power true-up from the previous supplier.

To be eligible for the rebate, one must have been an FPB electric customer on May 1, 2020, which marks the beginning of the second year of wholesale power savings with KyMEA. The rebate will be issued as a credit on electric bills. 

Each eligible electric customer will receive a credit based on the total dollar value of the last 12 months (May 2019 – April 2020) of electric bills for that customer as a percentage of all FPB electric customer bills for the same period. 

The credit will be put on bills to be received by customers in August 2020. One must be an FPB electric customer when the electric rebate credit is issued to receive the credit. Based on this structure, the average residential customer will receive approximately $42 in rebate credit to their bill.

In other news, the board also approved extending a contract with Weatherization Plus for certified home energy audits. FPB offers these audits for free to its customers. These audits are often the first step to making homes more energy efficient. For more information on the audits, go to https://fpb.cc/home-energy-audit.

The FPB Board of Directors’ next monthly meeting will be Tuesday, August 18, 2020 at 5 p.m. at the FPB administration building at 151 Flynn Ave in Frankfort.

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