Affordability

SMUD's low rates saved our community about $1.8 billion in 2025.

Despite shifts in the political landscape, we continued to implement our grant strategy and were awarded approximately $42 million in funding with our partners.

We continued to focus on specific OpEx initiatives across the enterprise. In fact, 139 operational efficiency initiatives created $55 million in savings in 2025. Inflation Reduction Act tax credits for our Solano 4 wind project, totaling $91.7 million, came through in 2025, which helped offset rising operational costs.

To bolster our commitment to environmental sustainability within our investor base, we issued $200 million in certified Green Bonds. These bonds will support the infrastructure investments that keep our grid reliable and our rates low, while advancing our zero-carbon transition with repayment terms that match the lifespan of capital projects. We were also the first municipal electric utility in the nation to issue Green Commercial Paper.

Continuing our commitment to our community, in 2025 we prioritized SMUD’s financial health. Strong credit ratings, operational efficiencies and prudent financial management have all helped us keep our rates among the lowest in California.