Atlanta — Regular Georgia Power Customers to Receive $122 Million Rebate in 2025
ATLANTA — The Georgia Public Service Commission voted earlier this week to allow the return of $122 million to Georgia Power customers starting January 2025. This follows favorable changes to the state’s tax law, which have allowed the power company to offset inflation-related costs for its customers.
According to a release by the power company, the funds are now available due to adjustments in the state’s tax law, which lowered the corporate tax rate to match the state’s individual income tax rate of 5.49%. The legislative changes came via two bills, House Bills 1015 and 1023, passed by the Georgia General Assembly.
The action by the Georgia Public Service Commission is expected to produce modest but welcome savings for Georgia Power’s customers. Given the change, the company has committed to providing near-term rate relief expected to save customers around $2.25 per month starting from January 2025.
Efforts to Keep Energy Rates Low
“Every day, we work to keep our rates as low as possible while making the investments needed to deliver reliable energy and power a growing Georgia,” said Kim Greene, president, chairman, and CEO of Georgia Power. “We applaud members of the Georgia legislature and Governor Kemp for revising the state’s tax code, and the members of the Georgia PSC for working with us to quickly return these funds for the benefit of customers,” Georgia Power conveyed in a statement.
The announcement comes as respite amid rising expenses for many, due to ongoing inflation. Georgia Power believes these steps will definitely benefit customers financially, even if the savings appear modest on a monthly basis.
Background on Legislative Changes
The decision to reduce the corporate tax rate was signed into law by Governor Brian Kemp this past April. The tax rate change initiative, represented in House Bills 1015 and 1023, was aimed at creating potential savings that Georgia Power and the Georgia Public Service Commission rapidly acted upon for the benefit of the consumers.
Greene emphasized that the company prioritizes investments required to ensure reliable energy while simultaneously striving to keep rates affordable. With these tax reductions, Georgia Power is poised to extend immediate financial relief to its customer base.
What’s Next for Customers
As the Georgia Public Service Commission continues to work hand-in-hand with Georgia Power, customers can anticipate the financial relief coming their way starting January 2025. The rebate will be reflected in their monthly billing cycle, offering some relief amid the existing economic pressures.
These measures highlight the importance of legislative support in ensuring that consumers benefit from state financial adjustments and utility company collaborations. For customers, staying informed via the company’s communications will be crucial to understanding how these changes will impact their monthly utility bills.
