Not a fan of President Trump? Maybe this will change your mind: PECO customers are getting a $30 rebate thanks to tax cuts Trump implemented.
Well, that might not be enough to change minds about the 45th president of the U.S. But it is a positive part of the financial news related to the 2017 Tax Cuts and Jobs Act. Local electricity provider PECO reached a settlement with the Pennsylvania Public Utility Commission (PUC) on a rate hike for electricity services that includes a deal to send customers a rebate.
“We are particularly pleased that we were able to work with our stakeholders to quickly provide the tax savings to customers that will more than offset the rate increase for the first year,” the company’s president and CEO Mike Innocenzo said in a statement of the price settlement.
The typical residential PECO customer will get a one-time credit of approximately $30 in January 2019 based on “benefits of the 2017 tax act,” PECO said. For the average small business owner, the company said, it will be a credit of approximately $126.
PECO prices go up
Rates are expected to go up one percent, starting Jan. 1. That’s a compromise after PECO’s original three percent hike was heavily criticized by the public during public community meetings. PECO, which is owned by national company Exelon, said residential customers can expect a rate increase of about $1.27 a month, or $2.96 a month for the average small business customer.
PECO said the increase in rates will go toward its electric distribution system and infrastructure and technology upgrades, developing public electric vehicle charging stations and adding $1 million to the budget of their Low-Income Usage Reduction Program.
The company’s plan still requires formal approval from PUC for its settlement petition, which was submitted on Aug. 29.