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Bill Gives Alaskans $750 Annual Credit |

Senator Wagoner’s Bill Gives Alaskans $750 Annual Credit on Home Energy Bill

Juneau – Sen. Tom Wagoner, R-Kenai, announced today that he has a sponsor substitute for Senate Bill 217 that will be introduced in the Senate on Friday. The new language in the bill provides every home owner and renter in Alaska a $750 annual credit on their residential electric bill – or $62.50 a month.

“Energy prices are soaring and Alaskan’s need some relief.” Wagoner said. “In addition to provided that relief, my bill goes a step further and sets up the Alaska Energy Council, which will be tasked with preparing an energy plan to address residential, municipal, and rural community energy delivery and needs in the years to come.”

The relief afforded under the bill, SB 217, also called the Alaska Power Cost Reduction Program, will take affect only when oil and gas prices reach the level where the state’s ACES tax progressivity is triggered, about $60 per barrel, and stays at that level for at least 12 consecutive months.

“The reason we had the $750 energy credit kick in when oil and gas prices are high is because that’s when utility costs start to rise and when the Alaskan people most need a break. That is also when the state can most afford to help out residents because state revenues will get a boost from ACES progressivity tax.”

“Let’s use the tax money we get from high oil and gas prices to reduce the negative affects of those high prices” Wagoner explained.

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