NASHVILLE, Tenn. (WTVF) — Your electric bills will be rising in October. NES says it comes after the TVA rate increases.
At the height of the COVID pandemic in 2020, the TVA began offering what they called relief credit. NES passed on this credit to customers to help people be able to save money and get through the tough times. The credit ended at the beginning of October.
In addition to the credit ending, the TVA's wholesale rate increased, which means it costs a little more for the power company, which is passed down to customers. So, on your next bill, you should see an increase of around 4%, which equals an overall increase of about $5.
NES says their goal is to try to limit increases to around 3 to 5 percent every three to five years to cover the cost of serving the more than 400,000 people in Middle Tennessee. Customers also saw a more than 3% rate increase one year ago.
Anyone who has been living at their home for more than a year can apply for what they're calling balanced billing. It's a program that estimates your payments and evens them out so you can better manage seasonal increases. We'll have the link for that on our website if that's a route you want to take.
