SCOTTSDALE, AZ — Are you a homeowner looking to save money on electricity?
Hundreds, even thousands, of dollars could be on the table in compensation. Thousands of property owners across the Valley may be eligible to apply before the deadline on Tuesday.
It’s through Salt River Project’s (SRP) Annual Shareholder Compensation Program.
In his quiet Scottsdale neighborhood, homeowner John Washington is an Arizona Public Service (APS) customer.
“Our neighborhood is an older neighborhood, one of the older ones in the city,” Washington said. “Our area was historically serviced by SRP."
That is why his home is impacted by a deal the two public utility companies struck back in 1928. People who live in areas once serviced by SRP, but taken over by APS, are eligible to get money back on yearly electricity costs through the Annual Shareholder Compensation Program.
"We have always applied. It's been an easy process,” Washington said. "I think we have in the past gotten as much as $500 or $600."
The program is for property owners, SRP water irrigation customers, and APS customers who live in the Salt River Reservoir District, managed by SRP. Each year, SRP mails out letters to eligible customers in those areas, designated in white areas on maps that they also mail out.
Eligible customers are in seven Valley cities: Phoenix, Chandler, Gilbert, Glendale, Peoria, Scottsdale, and Tempe.
“That was determined back in 1928,” Jason Riggs, SRP Director and Assistant Treasurer, said. "So if those folks are water [irrigation] customers of SRP, and they live in one of these areas, they may be eligible."
The letters go out to APS customers in those designated areas who pay at least 15 percent more to APS each year than they would have paid to SRP for the same amount of electricity.
SRP paid out nearly $3 million to 6,000 participants to compensate for the higher prices they faced in 2023.
“We've seen claims as small as a few dollars, up to several thousand dollars that we pay,” Riggs said.
Now the annual application process is open again, letting residents apply for compensation for their electricity use during 2024.
“If they did not receive a letter, but they live in one of these areas, I would encourage them to go to our website,” Riggs said.
There, residents can enter their address to check eligibility. They can then apply online or by mail.
This year’s deadline is Tuesday, September 23, at 5 p.m.
Claims are processed in about six months.
"It's a nice little surprise,” Washington said. "It’s a nice little bonus to kick in for the home utilities, and in our case, we may actually set that aside for potentially replacing an air conditioning unit in the future."
Extra funds that bring some Valley residents relief when every cost of home ownership adds up.