Visitors to Peaks Island this summer may want to consider traveling to the island by foot or bike after a vote last week to raise the vehicle ferry rate to the island for the first time in 15 years.

The Casco Bay Island Transit District Board of Directors approved the price hike 8-4 Friday.

The new rates, which will go into effect June 21 if approved by the Maine Public Utilities Commission, vary depending on the day of the week and the time of year, with increases ranging from close to $100 to only about $10. Commercial vehicle rates, which are set by weight, will increase by 23% across the board.

The vote comes on the heels of a rate hike last year, when the board approved an 82% increase in the price of round-trip passenger tickets, also the first in 15 years.

Both rate increases were necessitated by several years of a deficit that has ballooned as costs increase and revenue remains stubbornly flat.

Casco Bay Lines, which serves Peaks Island, Little Diamond Island, Great Diamond Island, Long Island, Chebeague Island and Cliff Island, is largely funded by the fares it charges for regular ferry service. The remaining revenue comes from specialty offerings like cruises and tours, as well as state and federal funds.

Passengers and vehicles are the two drivers of “scheduled service revenues” for the district.

Last year, officials tried to minimize the impact on island residents by lowering prices for longer-term passengers and putting most of the increase on day-trippers. The board appears to have taken a similar approach with vehicle fares.

For example, general round-trip vehicle ticket prices for trips to Peaks on Thursdays, Fridays and Saturdays in the summer season will increase from about $83 to $170. During the rest of the week, tickets will be $150 during the peak season.

Rates for 90-day pass holders will see a more modest increase, from $36.65 on Mondays and Tuesdays during the busy season to $46. Prices will remain at about $83 on the busier weekend days.

The new schedule also provides pass holders with four discount days, rather than the current system of just “wacky Wednesdays,” which have become crowded.

Officials said the rate increases were “overdue” and have not kept pace with inflation or other islands.

If the rates had increased with inflation, a weekend peak season car ticket would be about $125, according to a recent presentation about the increase.

Both the passenger and vehicle rate increases are part of an effort to reduce the $4.5 million operating deficit in 2023 to $1 million or less by 2027.

Historically, the board’s operating losses have been offset by federal grants. Board President Jennifer Lavanture said in a letter to members that projected deficits are covered through the end of the next fiscal year, but “due to evolving federal priorities and potential funding reductions, future grant availability remains uncertain.”

The vehicle rate change is expected to bring in an additional $300,000, or a 21% increase from the current rate structure.

Lavanture said last year’s passenger fare increase successfully raised revenue by nearly $750,000, or 28%, compared to 2023 without impacting the number of passengers.

In fact, she said, ridership increased slightly, though numbers were not immediately available. The ferry service generally sees around 1 million riders per year.

The bump in revenue reduced last year’s deficit to $2.6 million. The district is also working to reduce expenses.