Rates and Energy Assistance Update for Fiscal Year 2024
Two years ago, Burlington Electric Department (BED) had our first rate increase in 12 years, coming out of the pandemic. At that time, we shared with our customers that, while we likely would need more frequent rate changes going forward, we would seek to have them be more moderate than the 7.5 percent for fiscal year 2022. Last year, we were able to hold the rate change to 3.95 percent. We were able to reduce upward rate pressure for fiscal year 2023 because of our Net Zero Energy Revenue Bond providing an important financing source for key infrastructure projects and through strong performance from our renewable generation plants, including the McNeil Generating Station. For upcoming fiscal year 2024, we are proposing a 5.5 percent rate change, which would take effect as a surcharge on customer bills starting in September 2023. Taken together, BED’s rate changes over the last several years still will be lower than the inflation rate, and BED’s residential rates will remain some of the lowest in Vermont and the New England region.
We also want to ensure that we provide support for our low-income customers who need assistance. That is why our Energy Assistance Program, first piloted two years ago, will continue to provide a 12.5 percent discount for eligible customers, helping offset recent rate changes. BED continues to encourage our low-income customers who are enrolled in the State of Vermont Fuel Assistance Program or federal Housing Choice Voucher (Section 8) Program to apply for BED’s Energy Assistance Program using the form below.
Further, we encourage customers to learn about opportunities to save energy and money through efficiency measures by connecting with our Energy Services team for a free consultation.