NASSAU| Prime Minister Philip Davis revealed in Parliament that power bills are set to come down by July 1st.
The Prime Minister said as much during the wrap up of the 2024/25 budget debate in Parliament.
“On July 1st, BPL will introduce an Equity Rate Adjustment, which will adjust rates based on the amount of power consumed.
“This adjustment will benefit all households, as the first 200 kilowatt hours consumed will have a base rate cost of zero dollars for everyone.
Explaining how the new charges will work Mr Davis explained, “However, the biggest savings will be experienced by those who consume the least electricity. We will simultaneously roll out a decrease in the tariff rate for fuel costs on electricity bills that will deliver savings for all homes that consume less than 800 kilowatt hours per month. This includes a majority of households,”
“The average home consumes 655 kWh, which is well below 800 kWh. These changes will produce significant savings for these households, particularly for smaller homes and homes where incomes are below average.
“This reduction will provide much-needed relief so families can have more money for groceries, school supplies, and other necessities.
“The money saved will be spent at local businesses, further stimulating the economy,” Mr Davis told Parliament.
“I invite all Bahamians to check your bills at the end of July and see for yourself.
“Your first 200 kWh will have a cost of zero dollars and your fuel surcharge will go down compared to the month before. Add up the savings yourself. And know that as LNG and solar are incorporated, your bills will go down even more.
“The introduction of lower rates reinforces our intentions when we brought the Electricity Act (2024) to this House.
“Contrary to the idle chatter by the side opposite, the changes to the law will allow rates to be lowered quickly without delays.”
The budget debate was passed in the Lower House on Monday night. The debate now moves onto the Senate.
