Jacksonville moving companies want residents to know that for the third year in a row, Jacksonville Electric Authority may be able to give money back to customers.
JEA customers may have a reason to celebrate; the company is presently considering giving them a $56 credit. This one-time break on electric bills, follows the recommendation from the company’s finance and audit committee, to enact savings in its fuel reserves to its customers by issuing a credit for the average electric bill – about $56.
If approved, most customers can expect to see the credit sometime in April. As of late, the JEA board will consider issuing such a credit sometime next week.
The utility is able to provide such a service to their customers because of their reserve fund. The fund is created by charging each customer a fuel charge – just in case fuel prices spike. In the event that would happen, the company has enough money to cover about $95 million of the year’s total fuel costs – aka 15%.
Customers have lower than expected fuel costs to thank for the potential credit. The fund is currently $50 million over where it needs to be – the low costs pushed the reserve fund to about 19%.
Last year, the company gave their residential and commercial customer a $32 fuel credit, and the year before that customers received a $35 credit. This year’s credit will be the highest one that the company has had the chance to offer.