Co-Mo Connect's electric rates effective on January 1, 2024.
If you have any questions, don't hesitate to contact us by calling 800-781-0157, and one of our Member Care Representatives will answer your questions.
You can learn more about the 2024 rate increase by reading the December edition of Rural Missouri here: December 2023 Rural Missouri
Below the rate increase tables, you can find an FAQ with information about the rate increase as well as the demand charge.
Below you can see the 2023 rate and the 2024 rate increase for electric services:
Q: Why is Co-Mo Connect increasing our electric rates?
A: This increase is a direct result of inflation that is affecting nearly every aspect of our daily lives. Unfortunately, those issues extend to the fuels used to power our nation and the materials we need to keep the power on in Co-Mo Country. As a direct result of those rising costs, we have to increase the cost of electric services in an effort to maintain the level of service our members have come to expect from their cooperative.
Q: Why can’t Co-Mo just absorb the cost of the increase?
A: We strive to keep your electric rates low and even offset some of the electric rate pressure through the success of our broadband subsidiary. However, the cost of wholesale power and everything else we purchase to serve you continues to escalate significantly to the point that an electric rate increase is necessary to continue to provide the services our members have come to expect from Co-Mo.
Q: You are constantly building fiber to new areas. Would this rate increase still be happening if you weren’t spending money doing that?
A: The continued growth of our wholly owned broadband subsidiary benefits our member-owners. Not only do the majority of our members use our broadband services, but the success of our broadband subsidiary allows us to use funds to offset electric rate pressure. Some of the growth you are seeing is a result of government funding we receive to support the build-out of fiber infrastructure in local underserved communities.
Q: You just had a rate increase last year. Why do you need to raise rates again this year?
A: This increase is a direct result of inflation that continues to impact nearly every aspect of our daily lives, which extends to the fuels used to power our nation and the materials we need to keep the power on in Co-Mo Country. The rate increase for 2023 was based on inflation and the cost of providing service for 2023. In 2024, we are unfortunately seeing those costs continue to rise, which has resulted in the need for a 12% increase in electric rates for 2024 to continue to provide exceptional service to our members while keeping costs as low as possible despite the rising pressures caused by ongoing inflation.
Q: Why did you just retire $3.5 million in capital credits if you have to raise electric rates by 12%?
A: As a cooperative, when members purchase electricity, they become, in a sense, investors in the cooperative. This year, the Co-Mo Connect Board of Directors has made the decision to retire $3.5 million in capital credits. While ongoing inflation issues have resulted in the need for a 12% electric rate increase for 2024, it is still part of the cooperative model to pay capital credit allocations back to the members it serves.
Q: Since electric costs are going up, how can I keep my electric cost down?
A: There are a few things you can do to help keep your electric costs down. First, make sure that your home is energy efficient. Please take a moment to look through the energy efficiency section of our website for ideas to make your home as energy efficient as possible. You can also help keep costs down by using our free SmartHub app and monitoring your electric use.
Q: What is Demand?
A : Demand is the amount of power needed to supply every electrical device running in your home or business at a specific point in time. It is the maximum rate at which your household has consumed electricity, which can vary from the hour, day, week, month or season.
A simple way to describe Demand is to look at electric use similar to Internet service use. When one person streams a movie or television show on one device in your home, the stream works great. But as additional people in your house attempt to stream video simultaneously, more bandwidth is needed to ensure the stream works well. So, think of electric use in a similar manner. As more appliances in your home run simultaneously, such as your washing machine, stove and dishwasher, your Demand for power increases.
Q: Why bill on Demand?
A: Breaking out Demand from Energy Use helps Co-Mo bill our members in a way that is fair. Co-Mo’s wholesale electric rates are based on total co-op Demand, Demand (the rate at which electricity is used by the member), and the total energy consumed. Some members create more Demand by using more appliances simultaneously and, as a result, a higher Demand for electricity.
In the past, it was easier to bill metered kWh usage. However, with affordable technology available today to capture Demand, it makes sense to unbundle Demand and make sure everyone pays their fair share.
Q: How can I reduce my Demand?
A: All houses that use electricity generate a certain level of Demand. How you reduce that Demand will be about deciding when to use appliances to help reduce the Demand. For example, if you are washing clothes, don’t run the dishwasher at the same time. Or, if you are cooking on the stove, hold off on putting a load of clothes in the dryer. Spreading out the use of these items will help lower your Demand Rate. However, for some busy families, saving time by using numerous appliances at the same time is more important to them than reducing Demand, which is fine. You will have to evaluate what is important for you and your family and make decisions accordingly.
Now is a great time to review household processes and determine if it is possible to perform high energy consuming tasks at different times of the day. Perhaps some appliances or equipment can be used in the morning and other appliances or equipment in the afternoon or evening to balance and reduce Demand, with the goal of ultimately reducing peak Demand.
Q: How can I monitor and stay on top of Demand?
A: Managing your Demand can be as simple as being aware and remembering to space out times when you are using large appliances instead of using them all at the same time. Another tool that can help you monitor your energy use is the free SmartHub app. Not only will that app help you monitor your energy use, but it also lets you pay your bills and report electric outages. The app can be found in the Google Play or the Apple Store. Simply search for SmartHub. You can also be directed to SmartHub by going to www.co-mo.coop and clicking on the SmartHub icon on the homepage.