As we all look for ways to save money in this age of increasing inflation, I’ve thought about my daily routine and how much value I gain from the conveniences I enjoy compared to the money I spend on them. While my gym membership only costs me 30 cents per day, eating lunch out and buying a coffee every morning would cost me approximately $420 a month. What is the real value aside from short-term satisfaction and convenience? This got me thinking—is this the best value for my money?
For York Electric’s residential members, the average daily cost of electricity is about $4.20; the average monthly electric bill is $126—notably some of the lowest costs in the state. Although our members will see a rate increase in 2025, so will other utilities and co-ops. The cost of your service will still remain one of the lowest in the state.
Electricity has remained relatively cost-stable even amidst rising inflation. As a member-owned cooperative, York Electric does everything in our power to ensure your costs stay reasonable and that electricity remains a great value for our members. It’s not always easy, as there are several factors beyond inflation that impact the price of electricity—some within our control but most beyond it.
The cost of electricity can fluctuate due to supply and demand, infrastructure investment, maintenance and operational expenses. Weather patterns also contribute, affecting both demand and generation capabilities, with extreme conditions leading to increased energy use or disruptions. Government policies, such as subsidies for renewable energy or taxes and regulations on emissions, shape electricity costs as well. Your electric co-op considers all these aspects when adjusting rates, and because we’re a cooperative, we consider the impact of those costs on our members as well.
One of the most effective ways to control rates and rising costs is to lower electricity demand. You may not realize it, but York Electric doesn’t generate its own electricity. Instead, we buy wholesale power from other utilities such as Duke Energy and Santee Cooper. The price we pay fluctuates over the time of day and costs the most during the peak times when everyone is using electricity simultaneously, like just before or after the workday. In fact, around 80 cents of every dollar members pay the cooperative goes toward buying the electricity we provide you. The more we work together to control demand and shift it away from the peak times, the more we all save, which is why we offer programs like Beat the Peak.
As our community continues to rely on electricity for nearly everything in our homes, schools, hospitals and businesses, we need it to be reliable and affordable. You can be assured York Electric always puts you top of mind and works each day to ensure electricity remains the best value for your money, even in the midst of rising costs.
