How Much Will Florida Energy Bills Increase in 2023 & How To Save Money

As costs rise due to inflation and homeowners everywhere are looking for ways to cut back, Floridians are in a bind when it comes to energy costs. Florida residents spend an average of $226 per month powering their homes, which is already 15% higher than the U.S. average. With costs expected to rise even further in 2023, here’s what you need to know about saving money amid rate hikes.

How Much Will Energy Cost?

The first thing to note is that rates at FPL, TECO, and Duke Energy will raise rates three times in 2023. The January rate hike saw increases of 13% for Duke Energy and 11% for TECO, while FPL customers had bills jump from about $120 last December to almost $130 in February.

In late January, the companies proposed plans to hike rates again, starting in April. TECO and FPL customers would be asked to pay about 10% more, while Duke Energy customers are looking at a monthly increase of 20%.

The third rate hike has not been proposed yet, but it’s safe to say Florida homeowners are extremely unhappy with the sudden skyrocketing. Industrial and commercial customers are in an equally dire situation, with Duke reporting these customers will see increases of anywhere from 19% to 37%.

What’s Behind Rising Prices?

The energy companies point the finger at the chaotic events of the previous two years. Between the pandemic, conflict in Ukraine, and unprecedented hurricane damage in 2022, the price of natural gas has risen exponentially and the utilities are passing the costs directly to the consumer.

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How To Save Money Through HVAC Systems

The most immediate thing Floridians can do to save money on energy is to make some behavioral changes. Sacrifices like reducing oven usage, running the dishwasher less often, and switching to cold water laundry can make a dent in rising prices. However, HVAC systems are a huge energy draw — and turning off the AC isn’t really an option during a Florida summer.

One of the best moves you can make is to address your HVAC efficiency. Poorly maintained heating and air conditioning systems accumulate debris and dust that can significantly impede efficiency and cost you more in the long run. Scheduling routine maintenance is a smart way to reduce HVAC-related energy expenses each month.

If you’re ready to replace your HVAC system, now is the best time to do so. Central air conditioners, heat pumps, boilers, and furnaces that meet federal requirements can get tax credits for 30% up to $1,200 of the cost to install under the Energy Efficient Home Improvement Credit.

To learn more about how your HVAC systems can help you save money through Florida’s rapid-fire energy rate hikes, call All American Home Services at 813-486-4038 or contact us online with your energy savings questions.