(COLORADO SPRINGS) — Colorado Springs Utilities (Springs Utilities) customers will see a big decrease in their bills beginning next month as City Council overwhelmingly approved proposed natural gas and electric rate decreases during a meeting on Tuesday, Feb. 28.
City Council approved both energy rate decreases in a 9-0 vote on Tuesday morning.
According to Springs Utilities, the new rates will be effective March 1, 2023. Springs Utilities’ customers can expect to save 19% on their electricity and 23% on their natural gas.
The estimated impact, according to Springs Utilities, is a decrease of about $24 per month on the average residential bill.
The decrease comes “in response to lower-than-expected costs for natural gas driven by increased U.S. supply and lower demand,” wrote Springs Utilities.
Tuesday’s vote comes as the second energy rate decrease since November 2022.