Florida PSC approves cost recovery for Tampa Electric Co. solar projects
The Florida Public Service Commission (PSC) approved cost recovery for a solar project that will increase Tampa Electric Co’s (TECO) renewable energy generation from 27 megawatts (MW) to more than 150 MW upon completion in September.
TECO’s base rates were frozen through 2022 under an agreement approved by PSC in 2017. However, the agreement enables TECO to recover costs of added solar generation. TECO anticipates completing a 70.3 MW solar facility in Polk County, and a 74.4 MW solar facility in Hillsborough County, by September.
“By more than tripling its solar generation, TECO will save customers $3.3 million in fuel costs through the end of this year,” PSC Chairman Art Graham said.
The additional revenue requirement for the two projects is $24.2 million. Beginning in September, ratepayers using 1,000 kilowatt hours of electricity will pay an additional $1.85 per month under the PSC-approved cost recovery measure.
The projects in Polk and Hillsborough counties will mark the completion of the first phase of planned TECO solar projects. The company expects to complete additional phases in 2019, 2020, and 2021.
