Hawaiian Electric customers on Hawaii, Maui, Lanai and Molokai can expect to pay lower rates in September thanks to a significant drop in oil prices since the spring, HECO announced on Thursday.

What You Need To Know

  • The change will apply to electricity used in September and will be reflected in bills most customers receive in October

  • Molokai customers will see the biggest drop, with rates down 14% or about $34 for the billing cycle

  • Oahu residential customers will pay 4% more, about $9, down from the 7% ($15) originally forecast

  • HECO credits the less-than-projected increases for Oahu customers to lower oil prices and the addition of the Clearway Mililani I 39 megawatt solar project to the grid

Oahu customers will face a higher rate due to the shutdown of the AES coal-fired power plant last month, but it will be less than projected, according to HECO.

The change will apply to electricity used in September and will be reflected in bills most customers receive in October.

Molokai customers will see the biggest drop, with rates down 14% or about $34 for the billing cycle. Lanai is next with a 9% reduction (about $22 less per bill), followed by Hawaii Island at 6% ($16) and Maui at 5% ($11).

Oahu residential customers will pay 4% more, about $9, down from the 7% ($15) originally forecast. Commercial customers will pay about 2 cents more per kilowatt hour, down from the 3 cents per kilowatt hour earlier projected.

HECO credits the less-than-projected increases for Oahu customers to lower oil prices and the addition of the Clearway Mililani I 39 megawatt solar project to the grid. The projected contracted price of 9 cents per kilowatt hour is less than a third of the cost of oil used for power generation, according to HECO.

Most electric bills will still be higher than they were before oil price surges starting in March, HECO said. Payment plan options for those who need them can be viewed at hawaiianelectric.com/paymentarrangement. Customers may also learn about available financial assistance at hawaiianelectric.com/COVID19.

The utility encourages the public to further reduce electric bills by following the tips available at hawaiianelectric.com and by taking advantage Hawaii Energy, an expert resource that offers rebates and practical energy conservation tips at hawaiienergy.com.