The Architects of the NARUC Rate School have been the NARUC Committee on Water since its inception in Florida in 1973.  The Eastern Rate School was held at various locations in Florida before finding its home in Clearwater Beach, FL.  The Western Rate School began in 1980 in Utah and moved to various locations before finding its current home in San Diego.

The NARUC Rate School evolved from the theory that many individuals learn better by performing tasks rather than passively listening to lectures.  By actually working on a mock rate case, after detailed learning and discussions on a host of issues, the founders believed a more efficient learning environment would result.  From the beginning the philosophy of the schools has been that participants in the rate/regulatory process would get more benefit from differing perspectives on accounting, engineering, legal, and governmental actions, as well as from consumer advocates, commission staffs, and utility company employees.  There are limited opportunities to obtain these diverse perspectives.

The number of students permitted to participate in Rate School is limited to allow for personalized attention from the elite volunteer faculty by working with small teams resulting in a meaningful learning experience.