CEDAR RAPIDS – Alliant Energy customers will be seeing savings in their bills this summer and into the future.
Alliant Energy released an announcement on Tuesday that because of the new federal tax law, Alliant is saving millions, and is therefore passing on those savings to its customers.
For customers of Alliant Energy’s Iowa energy company, the annual savings is expected to be nearly $75 million, including tax-related savings from Alliant Energy’s transmission providers.
“These tax savings are great for our Iowa customers and the new, lower corporate tax rate will benefit our families, businesses and communities today and in the future,” said Doug Kopp, President of Alliant Energy’s Iowa energy company. “In the last six years, we’ve delivered about $500 million in other separate tax-related savings to customers, reducing energy costs.”
· For typical residential electric customers, tax reform will result in an annual savings of $50-$60.
· For typical residential natural gas customers, tax reform will result in an annual savings of nearly $30.
In March, Alliant Energy submitted an updated filing to the Iowa Utilities Board outlining savings for Iowa customers. If approved by the Utilities Board, electric and natural gas customers will see savings this summer.