COLUMBIA, SC (WTOC) - New and expanding industries could see lower electricity bills from South Carolina electric cooperatives and Santee Cooper starting Feb. 1.
The new rates are being offered from 20 independent, member-owned electric co-ops and Santee Cooper and are aimed at attracting jobs and industrial expansion to the Palmetto State.
The final rate for the cooperatives, which also takes effect Feb. 1, may not be completed for several weeks, but any projects considering a cooperative-served site can get the new rate, according to a company news release.
The rate is available until Dec. 31, 2014.
New or expanding industries could save up to 20 percent on electricity costs under the new rate, according to the company.
The economic and development rate reduces the demand charge over the first four years industry goes into operation. That demand charge could be much as 40 percent of an industry's total power bill.
The rate offers a discount off of the firm industrial rate, which requires an eight-year commitment, workforce and capital investment requirements, and a four-year discount period.