Locally owned, not-for-profit utilities like ours have a responsibility to provide reliable, fairly-priced power for the long term. Because we take that responsibility seriously, we recently made a change to our rate.
The Waterloo Water & Light Commission voted in favor of adjusting their electric rate. The overall plan is revenue neutral but it does mean increases to all customers. The changes, effective March 1, 2021, are needed to cover increased costs to operate the local utility and distribute reliable, local power. This is the first change to Waterloo Utilities electric rates since 2017.
The main reason for this rate change is to pay for infrastructure to increase reliability for energy and power. This includes a new substation along with looping that will connect to the east side substation to ensure redundancy should one substation go down. This will dramatically improve reliability.
Waterloo Utilities takes pride in providing high-quality, reliable service at the lowest feasible cost. As a not-for-profit utility, we regularly review our rates to ensure enough revenue is received to cover our cost of doing business. We exist solely for the benefit of our community and our customers and only charge customers the cost to provide safe and reliable electricity. And, we will continue to be here when you need us.