Beatrice Lang
Lakeland Electric is the main electricity provider in Lakeland, Florida. The residential electricity price is 12.48 cents per kilowatt-hour, which is 12.08% less than the average Florida rate. Lakeland Electric offers various pricing plans, including the Demand price plan, which combines a demand charge and a lower energy rate, and the Standard price plan, which charges a higher energy rate with no peak period demand charge. The cost of electricity in Lakeland depends on various factors, such as the time of year, time of day, and individual usage. Some residents have complained about the high cost of electricity in Lakeland, while others have found it cheaper than alternative providers such as TECO.
| Characteristics | Values |
|---|---|
| Cheaper Electricity | Lakeland is reportedly cheaper than TECO. |
| Electricity Rates | Lakeland's residential electricity price is 12.48 cents per kilowatt-hour, which is 12.08% less than the average Florida rate. |
| Peak Hours | 6:01 a.m. - 10:00 a.m. & 6:01 p.m. - 10:00 p.m. |
| Off-Peak Hours | 10:01 p.m. - 6:00 a.m. & 10:01 a.m. - 6:00 p.m. |
| Demand Price Plan | Demand charge ($6.49 per kilowatt) + lower energy rate (2.529 cents per kilowatt-hour). |
| Standard Price Plan | Energy rate between 5 and 6 cents per kilowatt-hour with no peak period demand charge. |
| Fuel Charge | Lakeland passes on the actual fuel cost with no mark-up. |
| Autopay | Available, but with limits that may result in partial bill payments. |
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What You'll Learn
Lakeland Electric's pricing plans
Lakeland Electric offers a variety of pricing plans for its customers. The Demand price plan, for example, combines a demand charge of $6.49 per kilowatt (kW) during a defined peak period with a lower energy rate of 2.529 cents per kilowatt-hour (kWh). This plan benefits customers who can reduce their electricity usage during peak hours while taking advantage of the lower energy rate at all other times.
In contrast, the Lakeland Electric Standard price plan offers a simpler structure with a flat rate between 5 and 6 cents per kilowatt-hour, regardless of peak periods. This plan may be more suitable for customers who prefer a consistent rate or have a more consistent electricity usage pattern throughout the day.
Lakeland Electric also offers a shift-to-saving rate plan, where customers can save money by using more electricity during off-peak hours. The off-peak hours are defined as 10:01 p.m. to 6:00 a.m. and 10:01 a.m. to 6:00 p.m., while the on-peak hours are 6:01 a.m. to 10:00 a.m. and 6:01 p.m. to 10:00 p.m. This plan encourages customers to shift their electricity usage to off-peak times to reduce their overall energy costs.
In addition to these plans, Lakeland Electric provides commercial price plans for businesses that meet certain criteria, such as having a minimum load at a single site of delivery and a minimum number of full-time employees. Customers on these plans may be eligible for discounts, refunds, or credits, as outlined in the Electric Rate Tariffs under the Commercial Price Plan Comparison.
Lakeland Electric also offers a complimentary in-home energy check conducted by a Lakeland Electric Energy Analyst to help customers understand their energy usage and potentially identify areas where they can improve efficiency and save money. The company strives to keep electric costs low by maintaining a financial fuel reserve to mitigate fluctuating fuel costs, as fuel charges are passed directly to customers without mark-ups.
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Cost comparison
The cost of electricity for consumers depends on a variety of factors, including the temperature at which they keep their homes, the type of structure, and the pricing plans offered by the provider.
Lakeland Electric
Lakeland Electric offers a Standard price plan that charges an energy rate between 5 and 6 cents per kilowatt-hour used with no peak period demand charge. They also offer a Demand price plan that charges a demand fee of $6.49 per kilowatt during a defined peak period and a lower energy rate of 2.529 cents per kilowatt-hour. The Demand price plan benefits customers who can reduce their electricity usage during short peak periods as they will enjoy a lower energy rate at all times.
Lakeland Electric's fuel charge is a pass-through charge, meaning there is no mark-up on the actual cost of the fuel used to generate electricity. The company aims to keep fuel charges low while maintaining a financial fuel reserve to mitigate fluctuating fuel costs.
Lakeland Electric's residential rates are highest in April, and the highest average bill is in August. The residential electricity price is 12.48 cents per kilowatt-hour, which is 12.08% less than the average Florida rate.
TECO
TECO, or TECO People's Gas, is mentioned as a provider in some Reddit comments. However, specific pricing information for this provider is limited. One user mentions that their bill for TECO People's Gas for their water heater and stove is around $28 per month, with a $75 gas turn-on fee.
Based on the information provided, it appears that Lakeland Electric offers more flexible pricing plans than TECO. The Standard price plan may be suitable for customers who use a consistent amount of electricity throughout the day, while the Demand price plan rewards those who can reduce their usage during peak periods.
While TECO's specific rates are not readily available, some users have indicated that Lakeland Electric is cheaper. One user mentions that their electric bills with other providers have never been higher than $150, while their Lakeland Electric bill is around $350 for a two-bedroom, one-bathroom residence. Another user with a small historic house of approximately 1100 square feet shares that their Lakeland Electric bill averages $275 per month, with their TECO People's Gas bill being significantly lower at around $28 per month.
It is worth noting that the cost of electricity can vary significantly depending on individual usage patterns and preferences. Additionally, factors such as the type of structure and the temperature settings of the AC can influence the overall cost.
To make an accurate comparison between Lakeland Electric and TECO, it would be advisable to review the specific rates and pricing plans offered by both providers, consider any applicable taxes and charges, and analyze your own electricity usage patterns to determine which provider would be more cost-effective for your specific needs.
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Cost-saving strategies
While it is challenging to make a direct comparison between TECO and Lakeland's electricity prices, as it depends on various factors, some cost-saving strategies can help you make an informed decision and reduce your overall electricity expenses.
Firstly, understanding the pricing plans offered by both providers is essential. Lakeland Electric offers a Demand price plan, which includes a demand charge during peak periods and a lower energy rate for the rest of the time. This plan benefits those who can reduce their electricity usage during short peak periods. They also offer a Standard price plan with a higher energy rate but no peak period demand charge. Additionally, Lakeland Electric encourages off-peak usage with their shift-to-saving rate plan, allowing customers to save money by using more electricity during specified off-peak hours.
On the other hand, TECO provides services such as budget billing, which can help you manage your costs more effectively. They also offer tips on energy efficiency and natural gas appliances, which can contribute to cost savings.
When comparing prices, consider that Lakeland Electric's residential electricity price was 12.48 cents per kilowatt-hour in 2021, which was lower than the average Florida rate. However, prices fluctuate, with the highest rates typically in April and the highest average bills in August. Additionally, keep in mind that Lakeland Electric passes on fuel charges directly to customers, which can impact your overall costs.
To make an informed decision and implement cost-saving strategies, review your electricity usage patterns and consider factors such as the temperature settings for your AC and the size of your household. Compare the pricing plans offered by TECO and Lakeland Electric to identify which provider and plan align best with your usage habits. Additionally, consider taking advantage of TECO's energy efficiency tips and budget billing options to further optimize your savings.
By combining knowledge of your usage patterns with an understanding of the pricing plans offered by both providers, you can develop a cost-saving strategy that works best for your needs.
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Fuel charge
Lakeland Electric is a city-run utility that has been serving Lakeland, Florida, since 1972-73. Lakeland Electric has two pricing plans for its customers. The first is the Standard price plan, which charges an energy rate between 5 and 6 cents per kilowatt-hour used with no peak period demand charge. The second is the Demand price plan, which combines a demand charge of $6.49 per kilowatt during a defined peak period and a lower energy rate of 2.529 cents per kilowatt-hour.
The fuel charge for Lakeland Electric is adjusted to reflect current prices and is reviewed quarterly since 1973. The fuel rate is combined with Lakeland Electric's base rate on customer bills. The base rate of $64.87 a month for a customer using 1,000 kWh a month, along with the fuel charge, will result in a higher total cost. Lakeland Electric claims that it "makes no profit from the fuel charge," with the cost being passed directly to the customers.
In comparison, Tampa Electric Company (TECO) is an investor-owned utility that serves about 860,000 customers across West Central Florida. TECO's rates are regulated by the Florida Public Service Commission (PSC), which examines the company's costs to provide safe and reliable electric service. TECO offers various programs to help customers manage their bills, such as Share, free energy audits, and billing and payment options.
While TECO's rates are determined by the PSC, Lakeland Electric's rates are set by the city commissioners. As of September 1, 2022, Lakeland Electric's fuel rate was set at a record high of $75 per 1,000 kWh due to high summer temperatures, rising natural gas prices, and transportation issues. This rate is nearly double the previous rate of $40 charged from March 2021 to June 2022.
In summary, both Lakeland Electric and TECO have fuel charges that are passed on to their customers. Lakeland Electric's fuel charge is adjusted quarterly to reflect current prices, while TECO's rates are regulated by the PSC. As of September 2022, Lakeland Electric's fuel rate was higher than TECO's, making TECO relatively cheaper in terms of fuel charges.
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Peak and off-peak hours
Both TECO and Lakeland Electric offer pricing plans that incorporate peak and off-peak hours. For TECO, there is the Time-of-Day Service option, which is available for business customers. With this plan, businesses can save on their electric bills by using more electricity during off-peak hours.
Lakeland Electric offers two relevant pricing plans: the Demand price plan and the Standard price plan. The Demand price plan combines a demand charge, applied during a defined peak period, with a lower energy rate for the rest of the time. The Standard price plan, on the other hand, charges a rate between 5 and 6 cents per kilowatt-hour with no peak period demand charge.
The off-peak hours for Lakeland Electric are from 10:01 p.m. to 6:00 a.m. and 10:01 a.m. to 6:00 p.m., while the on-peak hours are from 6:01 a.m. to 10:00 a.m. and 6:01 p.m. to 10:00 p.m. There are also slight variations in these timings, with one source citing off-peak hours as 9:01 p.m. to 12:00 p.m. and on-peak hours as 12:01 p.m. to 9:00 p.m.
By utilising electricity during off-peak hours, customers can take advantage of lower rates and potentially reduce their electric bills. This can be achieved through practices such as energy efficiency, not running multiple appliances simultaneously, and adopting money-saving technologies.
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Frequently asked questions
Lakeland Electric is cheaper than TECO. Lakeland Electric's residential electricity price is 12.48 cents per kilowatt-hour, which is 12.08% less than the average Florida rate.
The Demand price plan is a combination of a demand charge ($6.49 per kilowatt) during a defined peak period and a lower energy rate (2.529 cents per kilowatt-hour). The Lakeland Electric Standard price plan, in comparison, charges between 5 and 6 cents per kilowatt-hour with no peak period demand charge.
If you can use more electricity during off-peak hours, you can save money on the shift-to-saving rate plan. Off-peak hours are 10:01 p.m. to 6:00 a.m. and 10:01 a.m. to 6:00 p.m.
Some customers have complained about issues with the autopay system, where a limit is set so that the full bill amount is not paid. However, others have disputed this, saying that there is no limit unless you set one.
