As a result of tax reform Xcel Energy will be giving money back to you.

Xcel Energy will soon distribute approximately $10.9 million to all South Dakota customers as a result of the Federal Tax Cuts and Jobs Act. All Xcel Energy customers in the state will receive a one-time credit on their bills.

The estimated refund for a residential customer will average approximately $55.73, but will vary based on each customer’s actual usage.

“We are pleased to deliver the tax reform benefits to our South Dakota customers that will directly benefit them and the economy as a whole,” said Chris Clark, president, Xcel Energy-South Dakota. “The savings from the tax cut will also enable us to continue investing in important projects for the future—projects that result in better levels of service for customers and provide the benefits of a modern electric system at a lower price.”

The South Dakota Public Utilities Commission staff and Xcel Energy filed a joint motion with the Commission on June 25 asking for approval to refund customers this money.

As an additional part of the agreement South Dakota customers will not see any increases in their base electric rates until at least January 1, 2021 which is the earliest any future rate reviews could take effect.

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