Pennsylvania Turnpike to Increase Tolls in 2024
For the fifteenth consecutive year, The Pennsylvania Turnpike Commission (PTC) approved of a 5% toll increase for 2024. It is a small amount, but it is still helpful to know for our east coast truckers.
Details
If you use an E-ZPass, the toll will increase from $14.40 to $15.20. If you travel on the Turnpike rarely and would rather pay per use, it is increasing from $29.40 to $30.90. While the PTC approved a 5% increase, the system in place first increases it by that amount, and then rounds it up to the nearest dime.
“As in previous years, the PTC is obligated to raise rates annually as part of its legislative mandate to provide PennDOT supplemental funding for transit systems around the state as outlined by Act 44 of 2007,” said Mark Compton, CEO of the Pennsylvania Turnpike. “While these payments were once $450 million a year, they have been reduced to $50 million annually.” PTC says that the price increases are also to help pay for the bonds approved in 2007 for infrastructure purposes.
Compared to Inflation?
Experts believe that the inflation of the past twelve months has been hovering at around 3%, which is not a bad deal considering what the year-over-year inflation had been in 2021 and 2022, after the COVID-19 pandemic. This means that the actual cost of using the Turnpike is going up. It will be interesting to see how this increase in price impacts demand, and whether or not it results in less revenue due to fewer customers using the Turnpike.
Conclusion
Because of how percentage-based increases work, the amount of money paid per use increased by a larger monetary amount than using an E-ZPass. If you have any plans to drive on the Turnpike in 2024, it may make sense to calculate how often you or your fleet will be traveling on that road, and determine if it is a good idea to make the transition to an E-ZPass subscription. Likely, as percentages determine future price increases, the gap between the two systems of payment will only increase with each passing year.
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