EPB officials said they plan to set up a new operations center at the Soddy Daisy Industrial Park.
Officials said they should be able to pay back the cost within five years by savings in driving time.
The facility will be used for both the electric side and the phone and Internet side.
There is a tentative deal to buy a 6,200-square-foot metal building for $322,500.
It was formerly used by a granite counter top firm.