Governor Gavin Newsom has announced that millions in the state will soon receive an average credit of $137, thanks to California's Cap-and-Trade program. This initiative, which has been putting cash back into residents' pockets and funding eco-friendly projects across the Golden State since 2014, is a bright spot amidst typically dreary bill-paying.
It's all a part of the California Climate Credit, automatically applied every April and October, which to date, has handed back an average of $1,120 to households in these combined credits. In a statement obtained by the governor's official website, Newsom emphasized the dual benefits of the program: "Every year, our Cap-and-Trade program provides essential funding to California’s efforts to clean the air while also giving residents money back on their utility bills." With $2.4 billion earmarked for residential credits this year, millions are set to take advantage of the relief.
As utility bills arrive, customers can expect credits ranging from $35 to $259 for electricity and about $54 to $87 for natural gas. The credits, meant for customers of PG&E, San Diego Gas & Electric, Southern California Gas Company, and Southwest Gas, don't require any action from Californians – they're completely automatic. The California Climate Credit represents the consumer's share of payments from the state's pioneering environmental initiative.
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