SCE&G + Santee Cooper’s nuclear “meltdown”
by Rachel Propst, Consultant, RayWell Solar
The nuclear “meltdown” has been a hot topic in the news recently. Here are some interesting clarifications that you should know about…
- SCE&G has increased utility rates almost 20% since 2009 to finance construction of nuclear reactors. To-date, those increases have collected $1.4 billion, a number expected to grow to $1.9 billion by the end of 2017.
- SCE&G recently petitioned to halt construction on the nuclear reactors and to charge customers for the money SCE&G has spent on the project (up to $4.9 billion plus ROI).
- They then withdrew their petition – not because they plan to continue construction or promise not to raise rates but because they wanted to extend their 6-month deadline for the decision to give the Public Service Commission more time to rule on the petition.
- SCE&G could potentially hold ratepayers responsible for paying back even more than $4.9 billion due to the legislation stating that the utility is entitled to a “return on investment” from customers. Early estimations state they are looking to ask for a 10.25% rate of return over a 60-year period.
The time is NOW to break free of rising utility rates and go solar for your home or business! Solar creates energy independence that makes dollars and sense.
Is your utility solar friendly? Check out https://www.sceg.com/for-my-home/solar-for-your-home and https://www.berkeleyelectric.coop/content/solar-power-net-metering.