LAKE PLACID — The Lake Placid Village Board of Trustees on Tuesday approved the first increase to the village’s electric rates in 16 years.

The new rates are not yet in effect. Mindy Goddeau, the village treasurer, said the New York Power Authority still needs to approve the rates. Then, she said, the village will have to approve the effective date for the new rates.

The new rates are available at tinyurl.com/575vf95t.

A few factors motivated the increase, Goddeau said — inflation, village debt and a recommendation from a three-year assessment of the village’s electric revenue, expenses and debt by NYPA.

NYPA purchases power for the village, and while Goddeau said NYPA encourages municipalities to up their electric rates every seven years to keep up with inflating energy costs, the village hasn’t increased rates in 16 years. And between $2.4 million in debt from substation upgrades by the Lake Placid Volunteer Fire Department and around $990,000 in debt from substation upgrades at Lake Placid’s electric plant, Goddeau said, the village needed to increase rates to pay for debts and lost revenue in the electric department.

The village board held a public hearing for the electric rate increase before its regular meeting on Tuesday. Lake Placid residents Laura Yerkovich and Marty Shubert, the only two people to speak, voiced support for the increases. Six people attended the hearing virtually and three people attended in person.

“I think it would be nice if people understood that we’re all in this together in the sense that the more electricity we use as a community, the more impacted our rates would be,” Yerkovich said. “It’s not just how much you as an individual would use.”

While electric rates were proposed to increase as a result of NYPA’s study, a formerly incorrect formula for the village’s PPAC — or purchased power adjustment charge, which fluctuates each month depending on how much electricity the village uses as a whole — was lowered.

All six classes of power customers within the village are slated for a rate increase, including residential customers; small commercial customers, or businesses that stay under 5,000 kwh per month; large commercial customers who exceed 5,000 kwh; the Olympic Center in Lake Placid, which has an “industrial” electric usage class all its own; security lights and street lights.

Residential service charges — the one-time charge customers get each month for having electricity hooked up to their home — are staying the same at $8. Residential prices per kwh are going up from .03389 to .03656 cents per kwh in the summer — from May to October — and for the first 1,500 kwh used in the winter, from November to April. For residential customers who use between 1,501 to 5,000 kwh in the winter, charges are rising from .05638 to .06083 cents per kwh, and anything over 5000 kwh will go up from .12558 to .13550 cents per kwh.

Demand charges for large commercial customers — which are based on the number of kilowatts used each month — are increasing by 47 cents, from $6 to $6.47 per kilowatt, and large commercial kwh charges are also increasing by less than a cent. Service charges for small commercial customers are increasing from $5 to $5.39 along with meter rates, which will increase by less than a cent.