Golden State Today

California's Cap-and-Trade Program is set to provide an average electricity bill credit of $71 to millions of customers in October. This initiative, announced by Governor Gavin Newsom, will benefit over 11.5 million households served by investor-owned utilities such as PG&E, Southern California Edison, and SDG&E.

The California Climate Credit, funded through the state's Cap-and-Trade Program, aims to offer financial relief while promoting cleaner energy use. "Thanks to our state’s Cap-and-Trade program, millions of Californians will see an average credit of $71 on their electric bills this month. Not only does this credit provide much-needed relief for families, it’s helping Californians make the switch to cleaner energy," stated Governor Newsom.

This October's credits will vary between $32 and $174 per customer. In addition to residential customers, more than one million small businesses are expected to receive similar benefits. The credits distributed in April and October this year will amount to an average total of $217 per household.

Since its inception in 2014, the program has provided Californian households with an average of $971 in combined credits during April and October billing cycles. The total distribution has surpassed $14 billion statewide.

The California Climate Credit is derived from the state's Cap-and-Trade Program managed by the California Air Resources Board. This program requires companies to pay for climate pollution, with funds collected being redistributed as consumer credits on utility bills.