JUNO BEACH, Fla. – On Thursday, the Florida Public Service Commission approved a four-year rate hike for Florida Power & Light (FPL) — the largest in the company’s history.
In a release, FPL announced that the agreement sets rates for 2026 – 2029, meaning that the next rate hike will take effect on Jan. 1, 2026.
For residential customers using 1,000 kilowatt hours of electricity a month, bills are set to rise from $134.14 to $136.64 per month.
That’s a $2.50 increase, or roughly 2%. And it’s expected to continue growing each year.
[BELOW: News 6 takes a look at FPL’s rate proposal from October]
That being said, FPL claims that the rate hikes are necessary to expand infrastructure, as the company expects to add over 330,000 new customers by the end of the decade.
“This means FPL can invest in new power plants and technology for reliable service while keeping bills well below the national average through the end of the decade,” FPL spokesperson Andrew Sutton said.
Meanwhile, those same bills in Northwest Florida are expected to remain “relatively flat,” dropping from $143.60 to $141.36 in 2026.
According to state regulators, the approved plan was slashed by nearly 40% from FPL’s original proposal, though it’s still set to bring in around $945 million in extra revenue starting in 2026.
[BELOW: FPL pushes for higher rates in Florida, citing inflation and infrastructure]
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