If you’re like me, there are financial aspects of your life that have become commonplace, and you may not give them much thought. For instance, our checking accounts getting dinged monthly for multiple streaming services or the way we get nickel and dimed with endless other subscriptions.
As we all look for ways to save money in this age of increasing inflation, I began to think about all those necessities that may just be luxuries. Besides the streaming services, I’ve got our family cell phone plan at about $35 a pop, another $9 a month for Microsoft Office 365, along with another $8 for my GPS device. I can’t even get through the McDonalds drive-thru anymore without dropping about $10. And prices keep rising. This got me thinking — is this the best value for my money?
The average daily cost of electricity is about $4.57, and the average monthly electric bill for members of LaGrange County REMC is about $140. That means you can power your entire home every day for the price of a medium latte at Starbucks. Now to me, that’s real value.
Electricity provides benefits that we often take for granted. It goes well beyond short-term satisfaction by allowing us to charge devices and have cold food and hot water, all in a comfortable indoor climate. Besides the privilege it affords, electricity has also remained relatively cost-stable even amidst rising inflation.
As a member-owned cooperative, LaGrange County REMC does everything in our power to ensure your costs stay reasonable and that electricity remains an excellent value for our members. It’s not always easy, as there are several factors beyond inflation that impact the price of electricity — some within our control but most beyond it.
The cost of electricity is pressured due to supply and demand, infrastructure investment, maintenance and operational expenses. Weather patterns also contribute, affecting both demand and generation capabilities, with extreme conditions leading to heightened energy use or disruptions. Government policies, such as subsidies for renewable energy or taxes and regulations on emissions, shape electricity costs as well. Your electric co-op considers all these aspects when adjusting rates, and because we’re a cooperative, we consider the impact of those costs on our members as well.
LaGrange County REMC also needs to look at our financial future to be able to provide you, our members, with that reliable power. In order to continue to provide you with quality service in this environment of rising costs, a small rate increase is necessary moving forward. We’re still working out the details but look for more information in next month’s Indiana Connection. The new rates will go into effect Jan. 1, 2025.
As our community continues to rely on electricity for nearly everything in our homes, schools, hospitals and businesses, we need it to be reliable and affordable. You can be assured, LaGrange County REMC always puts you top of mind and works each day to ensure electricity remains the best value for your money.
