Jobs, manufacturing, investment and more: All stand to grow in the areas we serve with approval of TECO’s economic development rider

Tampa Electric's permanent economic development rider is a new bright spot in doing business in Tampa.

Tampa Electric’s permanent economic development rider is a new bright spot in doing business in Tampa.

Businesses have an improved reason to make their home in communities Tampa Electric serves: the utility’s Economic Development Rider and all of the benefits that come with it.

The Florida Public Service Commission (PSC) approved removing the expiration date of Tampa Electric’s Economic Development Rider (“Rider”) earlier this month. Targeting companies thinking about expanding in or relocating to communities within the territory in which Tampa Electric operates – all of Hillsborough and parts of Polk, Pasco and Pinellas – the Rider offers rate credits to businesses that add at least 350 kilowatts (kW) of demand and at least 25 new jobs. Those businesses must use firm power – meaning electricity that is guaranteed to be available when they need it – as opposed to those on the company’s load management or interruptible programs.

“We’re pleased that the PSC shares our belief in helping new and expanding businesses succeed.  More people recognize what we already know –  that Tampa is a fantastic place to work and live.  TECO is committed to doing our part to help the growth continue – not just through this Rider, but also through our 99.9 percent reliability and a wide range of programs designed to help commercial customers save energy,” said Joann Wehle, director of Sales and Marketing with Tampa Electric.

Tampa Electric launched its rider in 2013, and since then, it’s helped incentivize the creation of more than 400 new jobs while adding approximately $760,000 in incremental base revenue for the utility.

“Those new jobs belong to people who, as they earn, put money back into the economy – along with their companies,” said Laura Crouch, director of Community Relations with Tampa Electric. “It’s about advancing a cycle of economic gains for the entire region that has a ripple effect…one that’s sure to grow with the permanent extension of this rider.”