LUBBOCK, Texas -
Your electric bill will soon likely get a little more expensive.
"For our average customer, an additional $1.86 in the winter months, and a $2.50 difference in the summer months," said LP&L spokesman Matt Rose.
It's all part of LP&L's five-year plan, increasing the base rate by 5.75 percent each year. Rose says we're currently in year three of that five-year period.
For an average customer in an average year, it's an increase of about $24. The idea is to implement incremental changes to your bill, rather than a rate hike all at once.
"It's so that we don't have ups and downs, dramatic volatile changes in rates," said Greg Taylor, chairman of LP&L's Electric Utility Board.
Taylor says the extra money collected will go toward $71 million worth of capital investment projects.
"The transmission grid and infrastructure will be the most important piece of that $71 million," Taylor said. "We're on a mission to basically increase the reliability of that system."
The second major project is an upgrade to LP&L's customer billing system.
"Right now, our customer billing system that our reps use when folks call in on the phone, is over 10 years old and it's not functioning properly and we need to make an upgrade," Rose said.
"It will be a much smoother, more user-friendly experience all the way around," Taylor said.
The LP&L board approved the rate change and a budget for the upcoming fiscal year on Tuesday. They now go to City Council for final approval.
If passed by Council, the new base rate would go into effect on October 1, 2016.
