ATLANTA, GA (WALB) - The Georgia Public Service Commission has approved $330 million in refunds to Georgia Power Company customers over the next three years.
This vote was a result of the lower corporate tax rate under the Tax Cuts and Jobs Act (TCJA) which President Donald Trump signed into law in December of 2017.
Residential customers that use 1,000-kilowatt hours per month will receive a refund totaling approximately $70 over the three year period.
"This Commission is pleased to ensure that Georgia Power customers will enjoy the benefits due to the lowering of the federal tax rate," said Commission Chairman Lauren "Bubba" McDonald.
An additional $700 million in benefits for Georgia Power customers is being held for the commission to allocate during the upcoming Georgia Power base rate case in 2019.
The first refund will be released in October 2018:
This refund is based on actual base billings for period January through August 2018.
A refund of approximately $27 for customers.
The second refund will be released in June 2019:
This refund is based on actual base billings for period September 2018 through April 2019.
A refund of approximately $20 for customers.
The third refund will be released in February 2020:
This refund is based on actual base billings for the period of May 2019 through December 2019.
A refund of approximately $22 for customers.
For more information on Georgia Power refunds, visit the Georgia Power website.