Approval by Newark City Council to revise electricity rates will save major institutions like the University of Delaware and Dow Chemical money.
Large users will be charged at a lower rate because they use electricity at consistent rates, the News Journal reports. City Council hopes the new rates will encourage more development. UD is expected to save $1 million annually on its electric bill, but will be paying more overall as the campus expands and consumes more energy.
Residents will pay a $10 monthly fee on top of consumption, and will pay higher rates if they use more electricity. UD will pay a $25,000 feed on top of consumption, but will have lower kilowatt-per-hour rates.