Georgians with Georgia Power can anticipate a bit of respite on their electric bills come 2025, courtesy of the state's recent corporate tax cut. In a move described as a "rate relief," the Georgia Public Service Commission has unanimously green-lit a plan to pass $122 million in savings back to the utility's customers, a decision heralded by Commissioner Fitz Johnson, who initiated the motion. According to FOX 5 Atlanta, Johnson emphasized the strains that recent rate hikes and surging fuel costs placed on the populace, stating, "I want to make sure that savings we know are coming will come as soon as possible."
Georgia Power has calculated an average reduction of about $2.25 per month on the electric bills for its customers, a sum that may seem small, but it aims to partially buffer against the impending third year of Georgia Power's 2022 rate increase. The impetus behind these customer savings is a series of changes in the state's tax laws, including House Bills 1015 and 1023, which not only lowered income tax rates for Georgians but also harmonized the corporate income tax rate with the individual one, these pieces of legislation were championed by Governor Brian Kemp as efforts to maintain Georgia's allure for businesses and job creation, the benefits of which appear to be percolating down to the consumer level.
Kim Greene, Georgia Power's president, chairman, and CEO, praised the state's efforts, saying, "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." "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," Greene added, according to a company press release by Georgia Power. As an added resource for customers, Georgia Power directs customers to its website for more ways to save on energy consumption and bill management, a proactive measure for those navigating the evolving costs of living.
The savings are expected to start reflecting on the January 2025 bills, representing a brief stretch of economic reprieve for Georgians against the backdrop of inflation and increased energy expenditures. Despite rates historically trending below the national average, Georgia Power acknowledges the impact of any spike in power bills, particularly during periods of economic recovery and growth.
