The Salt River Project's board of directors this week approved a 10-month temporary price decrease in electric prices for its more than 1 million customers.
The discount goes into effect with the January 2017 billing cycle and averages 1.6 percent.
The decrease will save the average residential customer slightly less than $1 per month in the winter and $2.50 to $3.50 per month in May and through summer. Prices will return to normal with the November 2017 billing cycle.
“Utility customers are generally more used to seeing price increases than decreases, so we are very happy to be able to lower our prices,” SRP General Manager and CEO Mark Bonsall said. “At SRP, our team works hard to identify market opportunities and cut costs where possible to keep our prices low, and this temporary decrease is reflective of our success in these areas.”
SRP’s board aims to obtain at least 20 percent of SRP’s retail electricity needs via sustainable resources by 2020. SRP is already using 14 percent sustainablly obtained energy, which includes solar, wind, water and geothermal energy.