Millions of Californians to receive average $71 credit on October electric bills
What you need to know: California’s Cap-and-Trade Program is providing an average $71 electricity bill credit to millions of customers of investor-owned utilities, including PG&E, Southern California Edison, and SDG&E, among others.
SACRAMENTO – Governor Gavin Newsom today announced that more than 11.5 million Californian households will automatically see savings on their October electricity bill through the California Climate Credit, funded by the state’s innovative Cap-and-Trade Program.
This credit will average $71 per electric bill customer. Including credits that went out in April, Californians will receive an average of $217 in bill credits during 2024. Since 2014, Californian households have already received an average of $971 in combined automatic April and October climate credits on their utility bills, totaling more than $14 billion statewide.
“Thanks to our state’s Cap-and-Trade program, millions of Californians will see an average credit of $71 on their electric bills this month. Not only does this credit provide much-needed relief for families, it’s helping Californians make the switch to cleaner energy.”
Governor Gavin Newsom
Electricity bill credits this month will range from approximately $32 to $174. More than 1 million small businesses are also expected to receive the credit. Customers may remember receiving a similar credit on electricity bills in April.
The California Climate Credit comes from the State’s Cap-and-Trade Program, which collects funds by requiring companies to pay for climate pollution, and is managed by the California Air Resources Board. The credit on utility bills represents the consumer’s share of the payments from the State’s program.