CEDAR RAPIDS – Alliant Energy said today that Iowa customers will see savings this summer and into the future through lower federal taxes. As a result, customers will see lower costs for energy in Iowa.
For customers of Alliant Energy’s Iowa energy company, the annual savings is expected to be nearly $75 million, including tax-related savings from Alliant Energy’s transmission providers.
“These tax savings are great for our Iowa customers and the new, lower corporate tax rate will benefit our families, businesses and communities today and in the future,” said Doug Kopp, President of Alliant Energy’s Iowa energy company. “In the last six years, we’ve delivered about $500 million in other separate tax-related savings to customers, reducing energy costs.”
Savings:
– For typical residential electric customers, tax reform will result in an annual savings of $50-$60.
– For typical residential natural gas customers, tax reform will result in an annual savings of nearly $30.
Timeline
In March, Alliant Energy submitted an updated filing to the Iowa Utilities Board outlining savings for Iowa customers. If approved by the Utilities Board, electric and natural gas customers will see savings this summer.
Alliant Energy Corporation’s Iowa utility subsidiary, Interstate Power and Light Company (IPL), utilizes the trade name of Alliant Energy. The Iowa utility is based in Cedar Rapids, Iowa, and provides electric service to 490,000 retail customers and natural gas service to 220,000 retail customers.
Just this past February, a 7.8 percent rate increase for Alliant Energy customers was approved by the Iowa Utilities Board.
