More than 11.5 million California households and 1 million small businesses will receive electricity bill credits averaging $71 in October, funded by the state's Cap-and-Trade Program. (GV Wire Composite/Paul Marshall)
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More than 11.5 million California households will receive an average $71 credit on their October electricity bills, Gov. Gavin Newsom announced Wednesday.
The credit, part of the California Climate Credit program funded by the state’s Cap-and-Trade Program, will range from $32 to $174 depending on the utility.
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Customers of investor-owned utilities, including PG&E, Southern California Edison, and SDG&E, will automatically receive the credit. In addition, more than 1 million small businesses are expected to benefit from the program.
Californians will see an average of $217 in climate credits by the end of 2024, with similar credits issued in April.
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The California Climate Credit is funded by payments from companies required to pay for their carbon emissions, with the proceeds distributed back to consumers.
Managed by the California Air Resources Board, the program has provided over $14 billion in bill savings since 2014. These credits are designed to offset rising energy costs while supporting the state’s climate goals.
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