The Santa Clara City Council approved a 5% rate increase for Silicon Valley Power, effective Jan. 1, 2025, to address rising costs for clean energy, materials, and labor.
Chief Electric Utility Officer Manuel Pineda emphasized that a large customer base helps reduce costs for residential customers, as 92% of sales come from industrial users, which significantly impacts retail rates.
Councilmember Kevin Park highlighted that while the 5% increase appears small, it can severely affect low-income residents on fixed incomes, urging the council to consider such implications.
Despite the increase, Silicon Valley Power remains one of the most affordable options, with bills expected to rise only slightly compared to Pacific Gas and Electric's much higher rates.
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