APS wants to lower customers' rates thanks to federal tax overhaul

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APS logo. (Source: APS) APS logo. (Source: APS)

A utility company is hoping to lower customers' bills thanks to the recent federal corporate tax cuts.

Arizona Public Service Electric Company, or APS, has asked the Arizona Corporation Commission, the panel that oversees rate for utility companies, to allow it to cut bills by $119 million for customers, APS said on Tuesday.

It would go into effect Feb. 1. 

If the committee approves the request, APS said the $119 million decrease will offset the $95 million revenue increase due to the company's last review. 

[READ MORE: APS rate hike approved]

APS said the savings would be $0.004258 per kilowatt hour. Doesn't sound like a lot but based on the average usage of power for the average Arizona resident, it would be a savings of around $4 to $5 per month. 

However, APS said the impact would vary by actual usage and service plan.

The company said it anticipates more tax cut savings could be on the way once it is able to analyze the full impact of the new law.

President Donald Trump signed the $1.5 trillion tax overhaul package late last month.

[READ MORE: Trump signs tax bill before leaving for Mar-a-Lago]

APS serves about 2.7 million people in 11 of Arizona's 15 counties.

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