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APS passes tax reform savings on to customers
Customers will see bill decrease of more than $5 per month on average
PHOENIX – Starting tomorrow, APS customers will see an average reduction of $5.40 on their monthly bill as a result of $119 million in federal corporate tax cuts. Anticipating federal tax reform, APS included a new adjustor in the company’s most recent rate review to pass savings directly back to customers. These savings exceed the $95 million revenue increase from APS’s 2017 rate settlement.
Last week, the Arizona Corporation Commission approved this refund of $0.004912 per kWh to take effect beginning with March bills. The refund will appear as a line item on customer bills called the Tax Expense Adjustor Mechanism (TEAM). The calculation is based on energy usage (kilowatt-hour) and will vary month to month and customer to customer. APS expects to refund customers additional savings from federal tax reform later this year, subject to the full impact of the new law and approval by the Arizona Corporation Commission.
"APS customers will see an average reduction of $5.40 on their monthly bill as a result of $119 million in federal corporate tax cuts."
APS serves about 2.7 million people in 11 of Arizona’s 15 counties, and is the Southwest’s foremost producer of clean, safe and reliable electricity. Using a balanced energy mix that is nearly 50 percent carbon-free, APS has one of the country’s cleanest energy portfolios, including both Palo Verde Generating Station and renewable energy. The company is also a proven leader in introducing technology and services that offer customers choice and control over their energy consumption. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).