Fiber-optic broadband provider US Internet has announced it will be increasing its speeds – and its prices – started January 1.

The company, which now covers a large area of downtown and southern Minneapolis, has proved popular for its fast fiber-optic internet and its value in comparison to cable-internet bundle providers like Comcast and CenturyLink.

On Tuesday, subscribers were informed that starting now, most of them will be automatically moved onto faster internet speeds.

Those signed up for US Internet's 50 Mbps and 100 Mbps will now get 300 Mbps (both download and upload speeds), while those who are currently on US Internet's top-level 1 Gps speed will stay at the same speed.

But starting January 1, the prices will go up for subscribers. Here's a look at how the rates will change.

Old speeds/prices New speeds/prices 50 Mbps – $34.94/month 300 Mbps – $50/month 100 Mbps – $44.95/month 500 Mbps – $60/month $1 Gbps – $69.95/month 1 Gbps – $70/month

US Internet has pledged that the new pricing structure will be locked in place until 2022 at the earliest.

Those who are currently on 50 Mbps and 100 Mbps plans will be automatically rolled onto the $50-a-month plan, though have the option of upgrading to 500 Mbps for an extra $10-a-month.

In comparison, Comcast Xfinity currently offers 60 Mbps internet for $29.99-a-month for the first month, but this increases to $59.95 to $66.95 after the first year.

Here's US Internet's current coverage map. The green areas are where its fiber broadband is already available, while the purple areas are where it plans to introduce coverage next year.