BC Hydro customers can expect lower electricity bills starting this month.
In March 28 statement, the Crown corporation ensured its customers will continue to receive affordable electricity rates while they invest in the electricity system of British Columbia.
Beginning April 1, as approved by the BC Utilities Commission, electricity bills will increase by 2.3 per cent; however, the B.C. Electricity Affordability Credit, announced by the province in Feb., will more than offset this increase, which is equivalent to about one-half of the credit.
All eligible residential, commercial, and industrial customers will receive the credit, making them pay less this year than last year. The credit will vary depending on the annual electricity consumption of individual customers over the past 12 months.
Customers with an active account as of March 31 are eligible for this credit amount.
On average, residential households will see a total credit of about $100. Commercial and industrial customers will receive a credit of 4.6 per cent, which amounts to an average of $400 and $200,000, respectively. This credit will assist businesses in reducing their operating costs.
Starting mid-April, the credits will be applied to eligible customers’ bills in equal installments for one year. Customers who have more than one account will receive a credit on each account. There is no need to apply for the credit, as it will be applied automatically.
According to BC Hydro, the credit will be given in parts over the next 12 months after April 15. If anyone has bi-monthly billing, then they will receive the credit in six installments. They will receive the credit in 12 installments if they have monthly billing.
The amount of each part may vary depending on the number of days in their billing period since the credit is applied to each bill per day.
BC Hydro stated that their rates remain among the lowest rates in North America, and they are committed to keeping future rate increases below cumulative inflation.