Here at the co-op we breathed a collective sigh of relief as the 2020 hurricane season came to an end with just one named storm under our belts for the year. That was especially true after a year that saw record-breaking hurricane activity that pummeled our co-op brothers and sisters along the Gulf.

While the start of the 2021 hurricane season is many months away, it’s never too early to consider the installation of a whole-house generator and in 2020 we lined up a “members only” financing alternative through ElecTel Cooperative Federal Credit Union.

The first step is to apply for membership online at electel.org. An ElecTel member service representative will contact you to conduct the “onboarding” process to obtain proof that you are a Tideland member. A copy of your electric bill will suffice. Once your ElecTel account has been opened with as little as a $1 deposit, you may begin the loan application process. Loan rates are based on your individual credit score and the financing term. Currently ElecTel offers terms up to 10 years for energy projects and rates as low as 4.9%. Energy project loans are capped at $40,000 and require a first or second lien on the member’s home when financing over $10,000. In the case of manufactured homes, loans can be made if the member owns the land but lending is capped at $5,000.

2021 Rate Outlook

In March 2020, we implemented our first base rate increase since 2013, and at that time, our wholesale power cost adjustment (WPCA) moved from a monthly charge per kilowatt hour (kWh) to a credit. That credit remained fixed at $-0.001790 per kWh between March and December. Through the end of November 2020, the WPCA credit had generated $440,000 in cost savings to members. We’ll have a final 2020 total to report to you next month.

At this time, all indications are that the WPCA credit will not increase during 2021, nor is it likely to revert to a charge. The most likely scenario is that the WPCA will remain near zero in the months ahead.

Wishing you and yours a healthy, happy and prosperous 2021. Our fingers are crossed.