We constantly assess how we can provide value for our customers, including passing on savings from changing federal regulations to customers whenever possible. Late last year, when the Federal Tax Cuts and Jobs Act was signed into law, Delmarva Power made an immediate decision to pass these savings along to our customers.
As part of this process, earlier in February, we filed plans with the Maryland Public Service Commission to pass along $13 million in tax savings to Maryland customers. If approved by the commission, the average Delmarva Power residential electric customer in Maryland will see a $3.82 decrease on their monthly bill beginning in March.
We also filed with the Delaware Public Service Commission an update to our pending rate cases that will pass along $19 million in annual tax savings for electric customers and $7 million in annual tax savings for natural gas customers. We expect that this will result in a $2.99 monthly savings for the average residential electric customer, and $4.62 in monthly savings during the winter heating months for the average gas space heating customer. We know that these benefits will be impactful for our customers, so we are working with the Division of the Public Advocate and the Staff of the Delaware Public Service Commission to begin providing them as soon as possible.
Our customers’ financial security is important to us, and we believe in strengthening our communities economically to the fullest extent. We place considerable emphasis on hiring diverse, local businesses and we frequently host career fairs and make training programs accessible to our communities. Our dedicated team of customer advocates works around the clock to ensure that customers fully access all bill-payment programs available to them. Returning tax savings is an extension of our daily commitment to be careful stewards for customers.