RICHMOND, VA (WWBT) - Good news for Dominion Virginia customers, rates could be going down across the board.
If a new proposal is accepted homes across Virginia are going to be much cheaper to heat and cool. The average homeowner could see their bills drop by at least $15 a month. The rate change comes after a proposed settlement with the State Corporation Commission. It will mean that Dominion Virginia customers will get back some of what they have already paid and receive cheaper rates through the end of 2011.
Here is how it breaks down:
First- once the settlement is approved, Dominion Virginia customer bills will drop from the current average of about $116 per month to just over $99 a month. This rate will continue through the end of 2010. It's a savings of about $16 a month.
Then- starting in January of next year the bills will jump up to $103 per month. Dominion is promising a total savings of $153 per customer, plus a $42 refund for charges already incurred.
Meade Browder of The Virginia Attorney General's office believes this is a win for Dominion customers and could also a big boost to the economy at a time when it is desperately needed.
"For many industrial customers, the electric bill is a significant part of their monthly expenses," said Browder. "So (this is) very valuable to both the industrial customers that are part of this settlement and the residential customers."
It is a settlement, which all together, will result in power customers across the Commonwealth saving a total of $726 million.
This agreement still needs the approval of the State Corporation Commission. Once it is received, Dominion Virginia customers could begin seeing cheaper bills in time for the summer cooling season.