During a recent government meeting, officials discussed the financial implications of rising inflation and the potential funding opportunities presented by the Inflation Reduction Act (IRA). WPS has proposed an 8.7% increase in fees for the upcoming year, followed by a 4.9% increase the following year, as financial projections indicate that inflation rates for electric services are expected to exceed the previously estimated 3.5%.

The discussion highlighted the urgency of securing funding through the IRA, which could cover between 30% to 70% of project costs. Officials emphasized the need to act quickly, particularly with the upcoming elections potentially impacting the availability of these funds. There is concern that a change in administration could lead to a reduction or elimination of these financial resources.

To capitalize on this opportunity, officials are advocating for the scheduling of a bid process to commit funding as soon as possible. The complexity of the IRA was acknowledged, but the potential benefits for the city of Wausau were deemed significant. A detailed letter outlining these points was shared with attendees to facilitate further discussion and planning.