DeFuniak Springs (May 6, 2021) – The Choctawhatchee Electric Cooperative (CHELCO) Board of Trustees recently approved a rate decrease totaling $1.2 million beginning with the May 2021 billing.
CHELCO’s current distribution cost adjustment (DCA) rate of $0.00275 will be reduced to $0.00153, saving members an average of around $21 annually. This rate reduction is CHELCO’s second in six years.
CEO Steve Rhodes said that, while not a large decrease, he is pleased any time CHELCO can help members save money.
“Thanks to our efforts to reduce controllable expenses, coupled with our fast-growing membership, it isn’t necessary to collect as much revenue from the membership,” Rhodes said. “I’m thankful for our Board of Trustees, our leadership team and our dedicated employees who work together to reduce controllable expenses. This allows us to give back to our members through things like rate reductions and capital credit retirements.”
CHELCO is a not-for-profit electric distribution cooperative serving more than 56,000 accounts in Walton, Okaloosa, Holmes and Santa Rosa counties.