Thanks to the tax cuts passed by the Republican House and Senate and signed by President Donald Trump, at least 120 utilities across the country are lowering rates for customers, according to a report from Americans for Tax Reform. This means lower electric bills, lower gas bills, and lower water bills for Americans.
The Tax Cuts and Jobs Act cut the corporate rate from 35% to 21%. Utility companies are passing on the tax savings in the form of lower rates for customers.
Tampa Electric bills won’t rise to pay for Hurricane Irma restoration costs, thanks to new tax savings. The Florida Public Service Commission (PSC) unanimously approved the measure today.
Because of recent changes made to the federal tax law, customers will directly benefit. What Tampa Electric would have paid in corporate income taxes will instead be used to the cost of restoring power after Hurricane Irma and several other earlier named. Additionally, Tampa Electric bills will reflect the ongoing benefits from tax reform starting in 2019 — March 1, 2018, Tampa Electric Press Release
Duke Energy Ohio customers will receive approximately $20 million in annual tax savings on their electric bills beginning this month. The bill reduction is a result of the recent Tax Cuts and Jobs Act, which federal lawmakers passed in late 2017.
“The tax act provides a unique opportunity for us to reduce customers’ bills by millions of dollars,” said Jim Henning, president of Duke Energy Ohio and Kentucky. “And that’s exactly what we’re doing here – delivering real savings to out customers.” — April 13, 2018 Duke Energy Press Release
Consumers Energy today issued the following statement from President & CEO Patti Poppe:‘Today, Consumers Energy was pleased to submit a proposal to the Michigan Public Service Commission that would lower customer bills starting in 2018 by approximately $200 million, as a result of the recent federal tax reform changes. We are thrilled to be able to pass along 100 percent of the savings from tax reform to the people we are privileged to serve. This underscores our commitment to people, planet and prosperity for all of Michigan.’”—Jan. 19, 2018 Consumers Energy press release
Appalachian Power Company saved $235 million dollars from the federal tax cuts and the company is proposing passing the money back to its customers in a variety of ways. – May 30, 2018, MetroNews article excerpt
“We’re working to ensure that our customers receive timely benefits from the new tax reform legislation,” said Charles Rice, president and CEO of Entergy New Orleans, LLC. “We’re glad to pass on these additional savings by reducing rates below what they otherwise would be, especially during the hot summer months when energy use rises along with the thermometer.” – April 11, 2018 Entergy New Orleans Press Release
This will result in approximately $34.5 million in ongoing annual savings for KCP&L’s customers in Kansas. The Federal Energy Regulatory Commission recently approved KCP&L’s request to return the portion of tax reform savings set at the federal level to customers as quickly as possible. – May 1, 2018 KCP&L Press Release
NorthWestern is proposing that its natural gas customers receive direct refunds for the entire $3.154 million in tax breaks associated with the utility’s natural gas business. The company’s electric customers would receive half of the $10.8 million in tax breaks associated with NorthWestern’s electric business. Half the money would be spent removing hazard trees that pose a fire or outage risk. – April 3, 2018 Billings Gazette article excerpt
“On behalf of the approximately 30,000 customers Quadvest Utility serves in Southeast Texas, we would like to thank you for your integral part in the development and ultimate passage of the Tax Cuts and Jobs Act of FY2017. The passage of this key piece of legislation has allowed Quadvest to proactively reduces our customers’ base water and sewer fees by 26% or almost $90 per year/family.” — Simon Sequeira, President of Quadvest
“When Democrats threaten to raise taxes if they get back into power they are threatening to raise your utility bill — month after month,”
said Grover Norquist, president of Americans for Tax Reform.