Lorain-Medina Rural Electric's basic residential electric rate is separated into two components, Cooperative Service Charge and Purchased Power Charges.
The meters record the amount of electricity consumed and when it was consumed. Under the Time-of-Day rate, power consumed during on-peak periods costs slightly more than power consumed during the off-peak periods.
Each month, the power bill from Lorain-Medina Rural Electric's wholesale power supplier, Buckeye Power, is calculated based on the highest peak hours for the month. The cooperative does not know exactly when those peaks will occur each month, but it does have data that shows which hours those peak hours will likely occur.
The following is a summary of the Time-of-Day rate schedule for residential customers, effective Jan. 1, 2020
Lorain-Medina Rural Electric also offers load management rates for members who install a load control switch on their electric water heater or their central air, heat pump or geothermal heating and cooling system. Learn more by viewing the programs and rebates page.
Commercial and Industrial Rates
Lorain-Medina Rural Electric's commercial and industrial rates are very competitive and vary depending on load profile and other factors.
Late fee reduced to 8 percent
Effective Jan. 1 2020, the late payment fee for electric bills received after the 24th of the month has been reduced 1 percent to 9 percent. The LMRE board of trustees plans to continue to reduce the fee by 1 percent each January until it reaches 6 percent.
The LMRE board of trustees wants to bring the fee in line with the average late payment fee among the 24 Ohio electric cooperatives. The board’s objective is to make sure the cooperative presents an incentive for members to pay their bills on time and to recover at least 50 percent of the administrative costs associated with collection of past due accounts.
It has been at least 20 years since this fee was adjusted. In those 20 years, the cost of wholesale power has doubled. Gradually reducing the percentage each year will lessen the impact it has on rates overall and help those members who may have difficulty paying their bill on time.