The levelized customer benefits plan came about after a thorough development and deliberation process to find the best solution for customers in the region. Typical monthly residential electric bills have been reduced by approximately 15 percent in 2019 compared to January 2018, and they are lower than the temporary rates implemented by the South Carolina General Assembly. Typical monthly bills have gone from among the highest in the region to levels near the regional average, and well below the national average. Overall, Dominion Energy is providing $4.5 billion in benefits to SCE&G electric customers over time.
Under Dominion Energy’s original upfront cash payments plan, SCE&G residential electric customers would have received, on average, $1,000 and more modest bill reductions, as compared to monthly bills in January 2018. Instead, Dominion Energy’s approved plan provides stable, more significant long-term bill relief that moved typical monthly bills slightly below the temporary rate and well below the national average, providing more value to SCE&G’s customers over 20 years.
Competitive electric rates are very important not only to our new customers’ wallets, but also to a healthy economy in South Carolina going forward.
Natural gas customers will benefit as well, not only from joining a well-known, reliable utility company, but also in receiving $2.45 million in refunds passed back in the form of bill credits over three years, producing an average bill credit of $1.07 for a residential customer in 2019, with similar credits in 2020 and 2021. The annual credit for 2019 has been applied to February bills. The annual credits for 2020 and 2021 will be applied to customer bills for the January billing cycle in each of those years.
It’s a new day with Dominion Energy.