RICHMOND, Va. (WAVY) – Dominion Energy has announced that it is lowering its rates for customers by around $14 beginning July 1.
According to a press release, the lower rates were enabled after legislation was passed during the 2023 Virginia General Assembly, which got rid of around $7 in monthly charges and allowed Dominion to spread fuel costs over a multi-year period, which lowers the monthly fuel cost by $7.
“At a time when consumers are paying higher prices for most goods and services, we’re pleased to lower our customers’ rates,” said Ed Baine, President of Dominion Energy Virginia. “This will provide immediate relief for our customers now and ongoing savings in the future. It’s an important part of our mission of delivering reliable, affordable and increasingly clean energy to our customers.”
The reduction will go into effect for both residential and non-residential customers and will remain on an interim basis pending the approval of the long-term proposal from the Virginia State Corporation Commission (SCC).
This reduction now makes residential rates 20% below the national average and 39% below the East Coast regional average.
This announcement comes after Dominion Energy said it plans to extend the “Off-Peak Plan” that gives customers incentives to use energy during off-peak hours.