Tampa Electric will reduce customer bills and collect $100 million less annually, thanks to changes in federal tax law.
Today, the Florida Public Service Commission (PSC) unanimously approved the bill reduction, which takes effect Jan. 1. The average residential customer, who uses 1,000 kilowatt-hours a month, will see a reduction of about $6.50 per month. Commercial and industrial customers will see a reduction of about 4 percent to 5 percent.
This benefit is due to changes made to the federal tax law in late 2017. Tampa Electric used the savings from 2018 to cover the cost of restoring power after Hurricane Irma and several other earlier named storms.
Starting in 2019, the tax reform benefits are being passed directly to customers.