MCE Unveils Enhanced Budget for Fiscal Year 2024/25: Elevating Energy Affordability and Community Initiatives Without Rate Increase

MCE Unveils Enhanced Budget for Fiscal Year 2024/25: Elevating Energy Affordability and Community Initiatives Without Rate Increase

MCE is stepping into its new fiscal year on April 1, 2024 with a focus on keeping energy prices stable while providing community benefits. The rising cost of energy, driven largely by PG&E’s increases for transmission and distribution, are a major concern of MCE’s customers and Board of Directors. In response, MCE is standing strong, focusing on our customers’ needs and providing clean energy programs in 2024.

To help residents and businesses cope with higher electricity costs, MCE has helped customers save $62 million on their electricity bills since March 2020. The average resident is saving $5 a month on their electricity bill with MCE compared to PG&E. Small businesses are saving $17 a month on average. In 2024, we estimate bill savings to grow by another $30 million.

Targeted Cost Relief Program

At the heart of this year’s budget is the introduction of a Targeted Cost Relief Program. The program will launch this May and is expected to run for one year, distributing $5 million in electricity bill relief for qualified customers.

Low-income residential customers will receive a $20 monthly bill credit. Residents with more than $500 in past-due payments will be automatically enrolled to receive this credit. By pairing this credit with the Arrearage Management Program (AMP), customers enrolled in AMP can eliminate up to $8,000 in past due electricity bill debt while lowering their current monthly payments.

Small businesses are also eligible for a $25 monthly bill credit.

Approximately 11,500 low-income homes with past-due bills will be automatically enrolled in the program. Almost 100,000 additional low-income households and 27,500 small to medium businesses can sign up to receive the credit. MCE anticipates nearly 40,000 customers will enroll.

Investing in Our Future

We’re not just focused on short-term relief; we’re also investing in the future. MCE’s Board of Directors has approved over $5 million in grant awards for local programs that help our community. These funds expand MCE’s programs for things like:

  • Energy storage to keep the power on during emergencies,
  • Rebates for electric vehicles and charging stations, and
  • Discounts for heat pump water heaters.

 

We’re also putting $47.2 million into comprehensive energy efficiency and clean tech programs, fostering a sustainable and equitable energy future while maintaining current rates.

The Bottom Line

MCE is dedicated to making energy accessible and affordable for everyone. With the Board’s unanimous approval of the Fiscal Year 2024/25 budgets, including the Targeted Cost Relief Program, we’re helping communities ease the burden of high energy costs while supporting clean, renewable energy projects. As we face the challenges and opportunities of the coming year, MCE remains committed to creating a sustainable, equitable energy landscape powered by the community, for the community.

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