Florida Power & Light Co. (FPL) has submitted a proposal for new rates, which, if approved, could lead to a nearly $20 increase in electricity bills for most residents over the next five years.

The comprehensive four-year proposal, filed on Friday with the Florida Public Service Commission, outlines new rates to take effect after the current base rate agreement expires at the end of this year.

FPL explained that the plan, covering the period from 2026 to 2029, is designed to ensure the company can maintain reliable electricity service, diversify its generation resources to reduce fuel costs, and keep bills as low as possible.

“FPL is committed to our customers every day. This balanced plan we submitted to the PSC will allow us to make smart investments in the grid and new generation sources, benefiting our customers and supporting our growing state,” said Armando Pimentel, FPL’s president and CEO. “No other utility in the U.S. offers a better combination of reliability, resiliency, and low bills than FPL.”

Residential customers can use the rate calculator at FPL.com/answers to estimate how the proposal may impact their bills. FPL anticipates that, despite the proposed rate increase, residential bills will remain significantly lower than the national average and many other Florida utilities. When adjusted for inflation, the typical bill for a 1,000-kilowatt-hour residential customer in January 2026 would be about 20% lower than it was 20 years earlier, in 2006.

Small- and medium-sized businesses would see an average annual bill increase of 1% to 5% between 2025 and 2029 under the proposed plan. Commercial and industrial customers can contact their FPL account managers for further details.

The filing begins a thorough public review process, during which the PSC will schedule hearings and provide opportunities for customer feedback before making a final decision.

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(Image credit: Florida Power & Light Co)

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