JUNO BEACH, Fla. – In a landmark decision on Thursday, the Florida Public Service Commission gave the green light to Florida Power & Light (FPL) for a substantial four-year rate increase, marking the most significant in the utility’s history.

FPL announced that the approved agreement will establish the pricing framework for the years 2026 through 2029, with the initial hike slated to begin on January 1, 2026.

For residential consumers utilizing 1,000 kilowatt-hours of electricity monthly, the cost will increase from $134.14 to $136.64, reflecting a $2.50 rise or about 2%.

This increase is expected to continue on an upward trajectory annually, according to the company’s projections.

FPL emphasizes that these rate adjustments are essential for infrastructure enhancement, as the utility anticipates adding over 330,000 new customers by 2030.

“This allows FPL to invest in new power plants and advanced technology, ensuring reliable service while maintaining bills below the national average through the decade,” stated Andrew Sutton, an FPL spokesperson.

Meanwhile, those same bills in Northwest Florida are expected to remain “relatively flat,” dropping from $143.60 to $141.36 in 2026.

According to state regulators, the approved plan was slashed by nearly 40% from FPL’s original proposal, though it’s still set to bring in around $945 million in extra revenue starting in 2026.