Categorized | Business, Energy

Proposed tax cut may provide savings for HELCO customers

MEDIA RELEASE

Hawai‘i Electric Light customers will see lower electric bills if a rate adjustment proposal submitted to the Public Utilities Commission (PUC) is approved.

The proposal will lower the typical bill for a Hawai‘i Island residential customer using 500 kilowatt hours by $4.97 a month. The effective date of the new rate will be determined by the PUC.

Changes in federal tax law reduced Hawai‘i Electric Light’s corporate tax bill. In January, the company announced it planned to pass on the savings to customers.

At the time, Hawai‘i Electric Light said it was reviewing the impact of the new tax law and an updated rate adjustment proposal would be filed when the amount to be returned to customers was calculated. The proposed amount reflects the full year of tax savings.

The company made similar rate reductions in 1987 and 1989 following changes to federal tax law.

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