ATLANTA — As Georgia Power customers feel the pinch of higher energy bills this summer, the Georgia Public Service Commission says customers can expect some relief soon — to the tune of $122 million in total.
They say "as early as January 2025" customers can expect to see some savings thanks to some recent changes to Georgia's tax law.
Georgia Power says the state lowered the company's corporate tax rate, which will help them deliver an average savings of roughly $2.25 a month for typical residential customers using an average of 1,000 kilowatt hours per month, the company said in a press release.
House Bill 1015 and House Bill 1023 were signed into law in April and Georgia Power says it lowers the state's income tax rate and matches it to the individual income tax rate.
One law, House Bill 1015, reduces the individual tax rate to 5.39% — a 0.1 drop from the previous year's individual tax rate.
However, with House Bill 1023 matching the corporate tax rate to the individual tax rate, the corporate tax rate was also reduced by 0.36 compared to last year's rate of 5.75%.
All told, Georgia Power says the tax changes will help the company "offset inflationary related cost increases for customers."
But the savings are not going to be immediate, and Georgia Power says January 2025 is the earliest you could expect the savings.
