Electricity is something that no one wants to live without. It provides so many things that make life easier – food, shelter, clothing, light, air conditioning, and entertainment. When customers pay that monthly bill it is rare that they consider all the things electricity makes possible. LCEC works hard to make sure customers are receiving a good value. While most costs are climbing, LCEC rates have been reduced five times in the past four years. In fact, over the past 30 years, LCEC has only slightly raised base rates twice. Think about what other services are critical to maintaining quality of life and how prices have risen over the years. The average cost of a gallon of gas was $1.10 in 1987 compared to more than $2.50 today. The median household income was $29,000 and the median cost of a house was just over $120,000.
Slight electric rate increases were seen during the economic downturn, but other than that, even with increasing costs in labor, materials, and technology, LCEC has been able to hold the line on expenses and find more efficient ways to conduct business. The LCEC team has worked hard to improve processes and maintain the electric system so that competitive electric rates remain a consistent trend. Proud of a history of competitive rates, employees continue to look for ways to save and work smarter.
LCEC, and its Board of Trustees, has been able to retire and return nearly a quarter of a million dollars in equity, or capital credits, to customers over the past few years also.