Dominion Energy customers can expect smaller electric bills starting this summer.
Rates are being reduced because of a corporate tax cut prompted by the new federal tax law that went into effect this year. The new law takes $125 million off Dominion’s annual tax bill, and those savings are being passed directly to customers, the company said.
The new rates go into effect July 1.
The average customer who uses about 1,000 kilowatt hours per month should see their electric bill cut by $2.55, the company said.
That figure could change in April 2019, though, when the Virginia State Corporation Commission does a full analysis on the effects of the tax law.
In addition, Dominion will be issuing $200 million in credits to customers over the next year.
The first credit totaling $133 million will amount to $24.51 off the typical residential bill in July. The second credit totaling $67 million will be roughly half that amount in January, the company said.
