Gov. Gavin Newsom extends the state’s cap-and-trade program, which provides utility customers a small refund twice each year.
More than 11.5 million California households will get refunds on their October electric bills, Gov. Gavin Newsom announced Sept. 24.
The California Climate Credit, which began in 2014, will provide over $700 million for residential electric bills and $60 million for qualifying small business customers.
The average bill credit will be $61 per customer, according to Newsom’s office.
“Millions of California families will see money back on their electricity bills in October—and that refund will be even bigger next year thanks to new laws I signed last week,” Newsom said in a statement.
According to Newsom, $60 billion will go back to consumers through 2045, cutting electric bills while keeping current with the state’s aggressive climate action goals.
Since 2014, California’s cap-and-invest program has delivered $14.6 billion in bill refunds for utility customers.
This year, when the October credit is added to a similar credit in April, California will provide about $2.4 billion in residential credits—$1.4 billion for electric customers and $1 billion for natural gas customers—and $122 million for small businesses.
The refunds will range from $35 to $259 on electric bills—with most households getting between $56 to $81 in October, the governor’s office reported.
Every April and October, state utility customers get a bill credit through the Climate Credit program. The credit comes from the cap-and-trade program, which has been renamed “cap-and-investment.”
The program sets limits on greenhouse gas emissions. The state collects billions to pay for its climate programs by allowing industry to buy credits for emissions and sell unused credits at quarterly auctions.
Ratepayers are given some of the funds via the bill credit twice a year.
Customers can check the state’s California Climate Credit webpage to find how much they might be getting back.
The amount depends on the utility.
According to the state, here is what customers should expect: Pacific Gas & Electric: $58.23; Southern California Edison: $56; San Diego Gas & Electric: $81.38; Bear Valley Electric Service: $34.91; Liberty: $63.71; Pacific Power: $259.36.
Smaller utilities that are not regulated by the California Public Utilities Commission and get their electricity from the Los Angeles Department of Water and Power are not included in the program.
The credit will show up on customer’s bills.
Newsom signed a number of climate and environmental bills last week, including one that extended the state’s cap-and-invest program through 2045.
Democratic lawmakers say the new regulations will help lower energy bills and make life more affordable.
The package of bills includes ensuring $1 billion in funding each year through 2045 for the state’s beleaguered high-speed rail project after federal funds were cut.
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