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Saturday, January 10, 2015

Electrical Bills Decrease Again in January 2015

Hawaiian Electric Company has announced that electricity rates for Oahu residents have decreased to 29.5 cents per kilowatt hour in January 2015 from 31.2 cents per kilowatt-hour the month prior.  This amounts to a saving of $10.10 for a typical household using 600 kilowatt-hours of electricity. Darren Pai, HECO spokesman, stated, "Generally speaking, the drop has been due to the drop of oil prices. As the cost of oil has gone down, the fuel portion of the bill has shrunk. It's good news for customers, because the cost of the fuel is such a big component of customers' electrical bill, but when the cost of oil goes up, the customer bill goes up. We continue to do whatever we can to break our dependence on oil."

Electrical rates in Hawaii are nearly three times higher than the national average, mainly due to the fact that the majority of Hawaii's electricity comes from burning fuel oil.  The U.S. Energy Information Administration noted that in October, Hawaii residents paid an average of 36.41 cents per kilowatt hour while the national average was just 12.58 cents.

Source: Honolulu Star Advertiser, 1-10-2015,
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC