2023 Residential Rate Update

To better reflect the cost of wholesale energy, Hendricks Power will be updating rates for April residential usage, reflected in May 2023 statements

To better reflect the cost of electricity infrastructure and allow members more control and flexibility in their monthly expenses, Hendricks Power will implement a new rate beginning April 1, 2023. In addition to the current On and Off Peak weekday rates, there will now be a Super Off Peak rate.

The new rate structure will reduce the On Peak times to 5 - 8 pm on weekdays; the Super Off Peak rate will be daily from 11:01 pm - 4:59 am and all remaining time will be Off Peak. The On Peak rate will be $.2106/kWh, Off Peak will be $.1062/kWh, and Super Off Peak will be $.0594/kWh.

Hendricks Power works diligently to ensure rates are as affordable as possible for members and hasn't increased rates since 2015. Residential members may see an average increase of 8% if there are no changes in current usage habits. Members are encouraged to reduce energy usage from 5 - 8 pm when wholesale power is the most expensive. Hendricks Power also offers the SmartHub app, which allows members to monitor their daily and hourly energy usage. Complimentary energy audits are also available to help members lower their usage and educate them on energy-saving rebate options. If you have any questions or would like to schedule an energy-saving audit, please visit us online at www.hendrickspower.com/energy-advisor or call our office at (317)745-5473.

Frequently Asked Questions

Based on our third-party rate study, members may see an average statement increase of around 8 percent if there are no changes to their usage habits. Still, there are many variables to consider that impact your statement each month. We encourage members to register for SmartHub on their mobile devices or desktop computer to monitor their usage, set usage alerts, and much more.

Hendricks Power also offers free energy audits to members to help save energy.

Hendricks Power does everything it can to maintain reliable and affordable rates for our members, which have not increased in eight years. All rate changes are approved by our board of directors, which is made up of member-owners, just like you.

Prior to this rate update, we conducted an independent third-party rate study to help determine the most strategic change while keeping our members and affordability in mind.

Learn more about what variables and costs make up your statement balance here.

We encourage members to shift as much energy use to Off Peak and Super Off Peak times to save money. For those who also want to reduce their overall energy use, Hendricks Power also offers free in-depth energy audits where our Energy Advisors will make customized suggestions for your home and family. along with energy savings rebates and incentives.

Making little changes in your home's energy usage can make a big difference. Shifting your hot water and HVAC usage on weeknights from 5-8 pm is probably the easiest and most effective usage change to make the most of this new rate. See the Tips & Tricks above on other suggestions.Shifting usage to Off Peak times can save members up to 50 percent compared to On Peak times. Shifting usage to Super Off Peak times can save members up to 75 percent compared to On Peak times.

Scheduling energy usage to 11 pm - 5 am when possible and avoiding usage from 5-8 pm on weeknights offers members the most energy savings.

Demand is the highest amount of energy required at one time. For many homes, their Peak Demand falls between 5-8 pm on weeknights when families get home from work and school, and cook dinner, do laundry, etc. Despite homes using their Peak Demand from 5-8 pm, Hendricks Power's infrastructure needs to be able to provide that volume of energy at all times to our members. Learn more about Peak Purchasing and On Peak Demand here.

Time Of Use Tips

When trying to save energy and cut costs, the last thing many of us want to do is invest in more tools. Luckily with technological progressions, there are quite a few affordable options that can help you save energy and will pay for themselves. Look into smart power strips, smart plugs, motion-activated lights, LED lightbulbs, and even something as simple as a clothes line can really help reduce usage and costs!

Additional Resources

Understanding Electricity Supply & Demand

Conserve Energy During Rush Hour

Understanding Peak Pricing

Energy Efficiency Videos

These informational videos were created to help you learn more about about energy efficiency and why the time you use electricity matters.

Rebates

As a member-owned not-for-profit electric cooperative, we don’t exist to make money from selling electricity but to provide electricity at the lowest possible rate.

That means you benefit from energy-saving programs like POWER MOVES.

Smarthub

Use Smart Hub to check your usage, pay your bill, view outage history and receive notifications and updates.

You can login here, or download the app

Excluded Holidays

New Year's Day
Memorial Day
Fourth of July
Labor Day
Thanksgiving Day
Christmas Day

Rebates & Incentive Applications

Let Us Help You

Review your daily and hourly electric usage.
Utilize all the features of Smart Hub.
Recommend ways to shift more electric use to off-peak hours.
Discuss the benefits of smart appliances and thermostats.
Offer rebates and incentives through POWER MOVES®.
Help prioritize energy efficiency improvements to your home.

Steve Hite

Energy Advisor Steve Hite can be reached at:

(317) 745-5473 ext. 633

stevehite@hendrickspower.com

Andrew Wray

Energy Advisor Andrew Wray can be reached at:

(317) 745-5473 ext. 619

awray@hendrickspower.com

Residential Rate Update