We constantly assess how we can provide value for our customers, including passing on savings from changing federal regulations to customers whenever possible. Late last year, when the Federal Tax Cuts and Jobs Act was signed into law, Pepco made an immediate decision to pass these savings along to our customers.
As part of this process, earlier in February, we filed with the Public Service Commission of the District of Columbia a request to pass $39 million in annual tax savings to customers. If approved, the average Pepco residential electric customer in the District will see a $2.32 decrease on their monthly bill, beginning in March.
We also filed with the Maryland Public Service Commission, an update to our pending rate case that will pass $31 million in annual tax savings to customers. If approved, the average Pepco residential electric customer in Maryland will see a $2.92 decrease on their monthly bill. We know that these benefits will be impactful for our customers, so we are working to begin providing these benefits as soon as possible.
Our customers’ financial security is important to us, and we believe in strengthening our communities economically to the fullest extent. We place considerable emphasis on hiring diverse, local businesses and we frequently host career fairs and make training programs accessible to our communities. Our dedicated team of customer advocates works around the clock to ensure that customers fully access all bill-payment programs available to them. Returning tax savings is an extension of our daily commitment to be careful stewards for customers.