Evansville Water Customers Can Expect a Nearly 36% Rate Hike By 2026
Evansville Water Sewer Utility customers will soon see a price increase on their bill after the Indiana Utility Regulatory Commission approved a rate hike.
Back in May of 2021, Evansville Water Sewer Utility proposed a water rate increase to generate funding to replace Evansville's water treatment plant.
The Increase Will Take Place in 5 Phases
The increase will be spread out in phases over the next five years, with the first increase happening July 1, 2022, and the final increase happening April 1, 2026.
The initial rate hike is expected to increase by 5.03%, according to WEVV, although the the relief requested, according to the order issued by the Indiana Utility Regulatory Commission says the initial increase would be 7.5%,
Evansville, in its Petition, requests authority to issue bonds,
notes, or other evidence of indebtedness and increase its rates and charges on an across-the-board basis through a five-phase rate increase: an increase of approximately 7.50% to be effective upon issuance of the Commission’s Order in this Cause (“Phase I”), an increase of approximately 7.03% to be effective April 1, 2023 (“Phase II”), and increases of approximately 6.53%, 6.21% and 4.31% for Phases III, IV, and V to be effective April 1, 2024, 2025, and 2026, respectively.
What Is the Total Increase Amount?
Using the percentages outlined above and doing some simple math on the calculator, the total increase over the next five years will total of nearly 36%. Before you total up the percentages quoted above and argue that it is only a 31% increase, keep in mind that what is outlined involves compound interest.
How Does This Translate to Dollars on My Bill?
Hypothetically, if you pay $100 for your water usage now, in April of 2026, that same amount of water would cost you $135.79. Here's how it breaks down using a $100 starting bill:
- $100 + Phase One Increase 7.5% = $107.50
- $107.50 + Phase Two Increase 7.03% = $115.06
- $115.06 + Phase Three Increase 6.53% = $122.57
- $122.57 + Phase Four Increase 6.21% = $130.18
- $130.18 + Phase Five Increase 4.31% = $135.79
By April 1, 2026, Evansville water rates will have increased by a total of 35.79%.
Will There Be Help Available?
The City of Evansville reportedly intends to request $4 million in funds from the American Rescue Plan Act. The funds would be used to assist eligible households struggling to pay their bills.
Evansville Water Sewer Utility customers finding themselves in "shut off" status would be eligible to receive up to $250 a year to help them keep their water service on and active, although there is no word yet on how this assistance will be made available.
Decrease Water Usage with These Hacks