CoServ could become a ‘million-meter co-op’
NORTH TEXAS’ GROWTH continues to set new records.
The Dallas-Fort Worth Metroplex ranked as the top destination for people relocating from other parts of the country in 2021, Zillow reported.
Couple that with historically low interest rates – allowing people to buy their first home or upgrade to a new home – and you’ve got an unprecedented housing boom.
“Cheap money is allowing a lot of people to jump in. More people are turning to new construction because there’s a shortage of existing homes on the market,” said Ted Wilson, a Principal with Residential Strategies. “There’s also an increase in relocations with some people moving here without jobs just looking for opportunities.”
From Northlake to McKinney, demand for new homes is keeping CoServ and our contractors busy expanding existing infrastructure, designing, building and completing new electric and gas lines and setting new meters. CoServ added more than 16,000 electric meters and more than 7,000 new gas meters in 2021.
CoServ serves more than 425,000 combined electric and gas meters currently, making us one of the largest electric co-ops in the country.
As big as CoServ is now, estimates predict the service territory is only 45 percent built out with decades of growth ahead of it.
“CoServ’s opportunity and potential is unbelievable,” said Greg Ward, Senior Vice President for Business Development and Strategy. “With all that undeveloped land, not only will we hit 500,000 meters – this could be a million-meter co-op before you know it.”
With that in mind, CoServ has a team dedicated to Business Development to make the entire process easier from beginning to end while also continuing to provide excellent service once the project is up and running. CoServ competes with other electric and gas utilities for new projects in most parts of the service territory.
“Ultimately, we’re going to win a lot of new load because we out serve the competition from the initial bid to the construction process and, perhaps most importantly, by providing the same reliable, affordable electricity and natural gas that we are known for,” Greg said. “Whether that’s with a new design, a competitive cost estimate, how fast we can turn it around, we’re going to outperform the competition because time is money to developers.”
