Florida Power & Light To Refund Nearly $400 Mln To Customers Amid New Federal Tax Law

(RTTNews) - Florida Power & Light Co. or FPL, a subsidiary of clean energy company NextEra Energy, Inc. (NEE), announced Friday a plan to refund its approximately 5.8 million customers nearly $400 million in savings resulting from the new federal tax law.

The savings are the result of a federal production tax credit (PTC) for the development of solar energy centers, which FPL continues to build across Florida as part of the nation's largest solar expansion that includes 50 operational sites.

FPL solar energy centers that began serving customers in 2022 are retroactively eligible for the PTCs. To quickly provide these savings to customers, FPL is planning a one-time, $25 million refund in the month of January 2023.

Also starting next year and through 2025, the company plans to phase in nearly $360 million in additional federal tax savings for future planned solar projects.