BC Hydro lowering rates, customers to receive one-time credit
BC Hydro says that customers can expect a bill credit in early 2021.
VICTORIA -- BC Hydro is decreasing its rates by 0.6 per cent for the 2020-21 fiscal year, the energy provider announced Tuesday.
BC Hydro customers will be receiving a one-time bill credit as a result of the rate decrease, which is retroactive to April 1, 2020.
The credit is expected to be about $4 on average for residential BC Hydro customers. The average credit rises significantly for commercial customers, who are expected to receive an average of $10 to $600 depending on the size of the business. Meanwhile industrial customers could receive up to $375,000 from the credit, according to BC Hydro.
The bill credit is expected to arrive in early 2021, says the energy provider. A previous rate decrease by BC Hydro earlier this year means that rates will have seen a net decrease of 1.62 per cent compared to last year.
BC Hydro says that it is planning to file its next revenue requirement application with the BC Utilities Commission, which ultimately approves any rate changes for BC Hydro, later this month.
"Our government knows families and businesses are facing challenges none of us could have imagined due to the global pandemic," said B.C. Energy Minister Bruce Ralston in a statement Tuesday.
"This one-time bill credit will provide some help for all BC Hydro customers, including residential, commercial and industrial."