Atlanta, Georgia – The Georgia Public Service Commission (PSC) unanimously decided recently to accept a plan to give Georgia Power consumers starting January 2025 around $122 million in savings. Set to help hundreds of thousands of consumers, this financial relief follows legislative actions meant to lower corporate tax rates for companies including Georgia Power.
Supported by Commissioner Fitz Johnson, the motion responds to House Bills 1015 and 1023, passed earlier this year. Governor Brian Kemp signed these bills into law after they matched the business income tax rate with the personal income tax rate. The predicted improvement in Georgia’s economic environment brought forth by the tax reforms makes the country even more enticing to companies providing well-paying employment.
Under PSC direction, Georgia Power is scheduled to apply these savings by lowering monthly bills for the typical residential customer by an estimated $2.25. This change is meant to assist offset the financial effects of the third year of rate increases Georgia Power requested for 2022. Consumers who use roughly 1,000 kilowatt hours a month will find these savings shown on their bills starting in January 2025.
Kim Greene, President, Chairman, and CEO of Georgia Power, expressed gratitude towards the legislative and executive branches for their efforts in revising the state’s tax policies.
“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,” Greene stated. She highlighted the company’s commitment to maintaining energy affordability, noting that Georgia Power’s retail rates have consistently been about 15% lower than the national average since 1990.
Georgia Power advises consumers who want to further lower their energy costs to visit their website, which provides several tools for energy savings, knowledge of rate options, and payment aid program searching. The continuous emphasis on cost and customer benefit highlights Georgia Power’s part in enabling the economic welfare of Georgia citizens amidst growing inflationary pressures.
