Updates to utility rate escalators
- Deanna Collia
- Tiffany Harper (Unlicensed)
- Sarah Jane Salvatierra
Background:
Utility rate escalators will be changing on November 1, 2024. Each state in EverBright has a default utility rate escalator that will automatically apply to any job quoted in the respective state. EverBright’s default utility rate escalators are calculated by taking the average of the annual rate change for the previous 20 years of available US Energy Information Administration EIA data (currently available through 2023). The vast majority of active EverBright markets will see an increase in the underlying default assumption as a result of this year’s update.
Updated Utility Rate Escalator as November 1, 2024
Additionally, effective November 13, 2024 we will be removing the ability to use custom utility rate escalators to override the default assumptions. Our default utility rate escalators will apply to all jobs.