Utilities, saving $275 million from corp. tax cuts, expected to lower bills … in 2020

Xcel Energy customers are among those likely to see a break on their bills thanks to tax law changes.

Customers of all Wisconsin utilities are projected to save $275 million from the new lower tax rates (21%, down from 35%) for corporations.

There is, however, a hiccup. The utility wants to start applying those refunds in 2020.

That’s not soon enough for the two groups that came up with the figure — Citizens Utility Board of Wisconsin and the Wisconsin industrial Energy Group.

The two groups argue for crediting utility customers as soon as possible.

Utilities, like Xcel, however, say they need time to figure out what the tax cuts will look like for each customer. Xcel’s estimated saving for just next year will be between $25-30 million.

Cooperative utilities are nonprofit and customers won’t see similar savings.