A new report by The Philadelphia Inquirer is adding to the list of proof that the Trump tax cuts are not just making America’s working- and middle-class paychecks bigger. By lowering corporate tax rates, the new tax reform is lowering Americans’ utility bills as well. Power companies across the nation have said that due to the savings from lower taxes they are able to help consumers pay lower rates, and companies can develop more infrastructure to increase availability.
Pennsylvania now joins Maryland, Massachusetts, Ohio, the District of Columbia, Virginia, Oregon, Washington, Utah, Idaho, Colorado, and Illinois on the list of states with companies announcing upcoming reduced rates for customers.
- Maryland’s Baltimore Gas and Electric Co. announced that its average customers will see an approximate $2.91 decrease in their monthly bill, adding up to $103 million in savings for customers for the remainder of 2018. Washington Gas is also asking the state regulatory commission to lower rates in order to save customers $34 million annually.
- In Massachusetts, the Department of Public Utilities had companies submit proposals for decreasing rates. Eversource, a company with about 1.4 million users in the state, said it plans to give a savings of $2.75 by July 1 to its customers.
- The Ohio Public Utilities Commission requested its four major companies lower rates as well.
- In DC and Maryland, over 296,000 Pepco customers will see savings.
- In Virginia, Dominion Energy says its customers will save $125 million or more annually.
- The major company with customers in Oregon and Washington, Pacific Power, said it would work with regulators and stakeholders to lower rates.
- Rocky Mountain Power, which services Utah, Idaho, and western Colorado customers, said it is also “committed” to decreasing rates.
- In Illinois, Commonwealth Edison Co. wants to save over 4 million customers $200 million in 2018.
- And now, in Pennsylvania, the PA Public Utility Commission ordered a $320 million rate reduction for most of the state’s utilities by July 1.
Because of the corporate tax cuts, public utilities will be seeing a tax cut of about 15 percent, according to Bloomberg. Bloomberg noted that “lowering their liability becomes an almost-automatic cut to monthly bills” by “about 5 percent” for the average consumer.