The base rates for all four services provided by Colorado Springs Utilities are slated to rise at the beginning of 2025. The city owned utility supplies electricity, natural gas, water and wastewater to residents, businesses and other users like industry and the military.
The increases are aimed at paying for nearly $4 billion in infrastructure and capital improvements over the next five years.
The average household will pay about 5.6 percent more each year, eventually adding up to a typical household paying about $85 more a month on their bills by 2029. Next year's increase averages out to about $14 each month.
City council – which also serves as the board for Colorado Springs Utilities – unanimously approved the new rates on Tuesday, as well as the utility’s Energywise plan. That program provides lower electricity rates during times when power usage isn't as high. The most expensive time to use electricity will be from 5 to 9 p.m. That program will go into effect in October next year.
Council also approved the utility’s 2025 budget totaling about $1.8 billion, up 21 percent from last year. A utility spokesperson said capital projects make up nearly 34 percent of the budget.
Fuel rates rose for Colorado Springs Utilities customers last month too. Those rates fluctuate up and down quarterly depending on the raw costs.
