The Florida Public Service Commission approved a rate cut Monday that will see Tampa Electric customers save a few bucks on their utility bills.
PSC Commissioners attributed the cut, which will work out to a $6.50 savings for residential consumers who used 1000 kWh per month of electricity to TECO’s savings from the Tax Cut and Jobs Act of 2017.
The change would put the monthly bill for customers using 1,000 kWh of electricity at $101.35 per month, which amounts to a savings of about 6 percent for such customers.
“We want customers to benefit from the federal tax reductions,” PSC Commissioner Julie Brown said in a press release. “Our action today is truly monumental in nature, and with our approval, we’re glad TECO customers will see lower electric bills.”
The PSC said the decision ensured TECO’s federal tax savings would be passed on to the utility’s approximately 750,000 customers and offset a possible rate increase related to storm restoration costs.
The commission has approved similar rate cuts for Florida Power & Light and Duke Energy, citing corporate tax savings from The Tax Cut and Jobs Act of 2017, which made sweeping changes to the federal tax code, most of which benefitted businesses.