It’s still a year away, but relief is in sight for Virgin Islands Water and Power Authority (WAPA) customers.
Beginning in the fall of 2014, propane will become the primary fuel for power generation in the US Virgin Islands, according to a WAPA release. This change is expected to reduce the region’s (astronomically high) fuel costs by 30 percent. That’s a pretty big chunk of change. In addition, the use of propane is also expected to decrease greenhouse gas emissions by about 20 percent. This news is not only great for everyone’s pocketbooks, but it’s also great for the environment.
Now we’re not saying that all of the savings will be passed along to the consumer, but if they were, it has the potential to be huge. Just to give you an idea of just how big of a deal this could be, one of our advertisers said he pays an average of $3,000 a month to power his North Shore rental villa. This change has the potential to save this property owner roughly $900 a month or $10,800 a year. Who wouldn’t want an extra $10k in their pocket?!
WAPA said it expects the change will save roughly $90 million is annual fuel costs. It also said it expects rates will fall again after five years. Let’s hope that holds true.
So we’re curious- We know that St. John has some of the highest power rates in the world. What do you pay where you live?