PG&E customers will receive a climate credit in October. Here's how much you'll save

SAN FRANCISCO - Expect to save just a little money on your October PG&E bill.

The average customer will see a $55 credit on their next bill.

Twice a year, every year, PG&E offers all residential customers a "climate credit" on their April and October bills.

This news comes just weeks after the California Public Utilities Commission approved a fourth rate hike in 2024.

The most recent rate hike will add about $5 to your monthly bill, bringing the average PG&E payment to almost $300.

The CPUC manages the climate credit through the state's cap and trade program.

Cap and trade requires companies that emit a large amount of greenhouse gases, like power plants, to buy carbon allowances through auctions.

Proceeds from those auctions are used for several things, including the climate credit for PG&E customers.