In May, Silicon Valley Power (SVP) will be proposing a mid-year rate increase of 5% to the Santa Clara City Council. If approved, the rate increase will take effect July 1, 2023. As you may have read in the headlines, unforeseeably high natural gas prices have had a significant impact on electric and gas utilities throughout California. Natural gas prices increased by 500%, which caused power prices to rise 150% higher than usual.  SVP has tightened the budget, pared down spending and is using appropriate reserves during this period. However, a mid-year rate adjustment will be necessary. For residential customers, SVP will be proposing a one-time efficiency/climate credit that is intended to help cover the increased costs. 

Silicon Valley Power offers resources online for customers who are looking to find ways to reduce energy usage and lower their electric bills. In addition to appliance rebates, you can find energy saving tips and a tool lending library to measure the use of plug loads such as televisions, video game consoles, computers, etc. Visit SiliconValleyPower.com/Residents for more information. Income-qualified customers may be eligible for a rate discount of up to 40%. For more information and income eligibility requirements, please visit SiliconValleyPower.com/Assist.