Speaking at the annual meeting of cooperative members, Bissell said that if KIUC's renewable energy goals are met, customers will be paying less for electricity in 2023 than they are today, even when accounting for inflation and rising fuel prices.
But he cautioned that those projections are based on assumptions that include modest oil price increases, economic and political stability and the cooperative's ability to hit its renewable energy targets with a mix of solar, biomass and hydroelectricity.
KIUC is exploring the possibility, after completing its two large-scale solar projects in Koloa and Anahola next year, of offering rates to encourage customers to use electricity during the day, when power is being produced more cheaply. The cooperative is also looking at offering electric vehicle charging rates that would be cheaper than the present retail rate.
The ability to explore these types of rates is being made possible by KIUC's smart grid technology, which includes wireless meters that have been installed at 28,000 homes and businesses.
Later this year, Bissell said, customers will be able to log into a website where they can track their energy use, check their bill status and note consumption trends, enabling them to be more efficient.
Allan Smith, chairman of the KIUC board of directors, noted that 2012 was the 10th anniversary of the sale of investor-owned Kauai Electric to the newly-formed cooperative.
"As a member-owned cooperative, we are all partners in the drive to strengthen the Kaua'i economy and elevate the standard of living for future generations by keeping more money here and ensuring that this island can provide most of its own energy," Smith said.
Other highlights of the meeting:
* KIUC expects to reduce its greenhouse gas emissions to below 1990 levels by 2020 if all of its renewable energy projects come online.
* In 10 years as a cooperative, KIUC has returned 29 million to its members in the form of patronage capital and billing credits. This year, 2.8 million was returned, the largest amount since before the recession began.
* KIUC's utility rates have risen more slowly than those on the other islands with an increase of 1.4 percent since 2008. By comparison, rates on O'ahu have risen 30 percent over the same period and rates on Maui are up nearly 8 percent.
* The number of photovoltaic systems on Kaua'i has risen from 311 in 2010 to 1,862 installed or planned so far in 2013.
KIUC is a member-owned cooperative serving 33,000 customers on the island of Kaua'i. Governed by a nine-member, elected board of directors, KIUC is one of 930 electric co-ops serving more than 36 million members in 47 states.
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