ComEd has announced plans to pass along to its customers about $200 million in savings from the new federal tax law.
ComEd says the move, which requires Illinois Commerce Commission (ICC) approval, would decrease monthly bills for the average customer by about $2 to $3 per month. Crain’s Chicago Business points out that the utility just received a rate hike of about $1 per month, so the net effect would be a decrease of about $1 to $2 per month.
The savings would be reflected on the delivery section of bills–the charges that all customers pay ComEd to get electricity delivered to their homes.
The Tax Cuts and Jobs Act (TCJA) was signed in December and took effect on Jan. 1. It cut the corporate tax rate from 35 percent to 21 percent.
“We always like to hear that ComEd bills are going down,” CUB Communications Director Jim Chilsen said. “If ComEd and other utilities are getting a break on taxes, it’s only right that they share those savings with their customers.”
Assuming ICC approval, ComEd said customers could see lower monthly bills as early as the first quarter of this year. When CUB has more details, we will pass them along to customers.