A power cost adjustment factor appears on the bills and will allow Palmetto Electric to track fluctuating wholesale power costs. The power cost adjustment is calculated by multiplying the total kWh usage by the corresponding month’s power cost factor.
The current power cost factor is -0.001306
Palmetto Electric is a non-profit member-owned distribution electric cooperative. The power we purchase is generated by Santee Cooper. Palmetto Electric’s wholesale power costs represent about two-thirds of our total charges.
Power Cost Factors
Understanding your energy bill can help you better manage your energy usage and could aid you in saving money.
Your monthly bill is divided into several sections. There is a monthly kWh energy graph for the current month and the previous 12 months, a billing and payment summary, an account summary, a summary of applicable charges, and a section for important account messages.
For more account information such as average, high, and low temperatures, heating degree days, cooling degree days and other weather-related details, visit MyEnergy Online and login to view the My Usage tab and select Usage History.
The following formula is used to calculate your monthly electric bill:
Facility Charge + (kWh used x rate) + (kWh used x Power Cost Factor*)
*Power Costs (shown on bill) fluctuates monthly and can be a positive or a negative number.
Example: A homeowner who used 1,000 kWh during the month of August 2021 would calculate their bill as follows:
$17.00 + (1,000 kWh x 10.890¢) + (1,000 kWh x – 0.007206)
$17.00 + (108.90) + (-7.21)
**Any taxes, franchise fees, and additional charges, (i.e., Outdoor Lights, Surge Guard, CHAMP) must be added to the above example.