In a break for home and business ratepayers, Dominion Energy will seek a lower rate hike.

Dominion had wanted $178 million in new revenue.

Instead the Lexington County utility agreed to $35.6 million.

That’s 1.08% more compared to Dominion’s original 7.20% increase request.

The small business rate hike will be 85% lower.

The residential ratepayers rate hike will be 81% lower.

Dominion filed the agreement with the SC Public Service Commission which has taken a harder line than past commissions have.

“They’re doing what the General Assembly told them to do,” said SC Small Business Chamber CEO Frank Knapp.

“The PSC was told to protect consumers.”

In almost 6 months of negotiations, Knapp, the SC Office of Regulatory Staff, Department of Consumer Affairs, AARP, Sierra Club, Coastal Conservation League and Southern Alliance for Clean Energy convinced Dominion to lower its rate request.

The PSC is expected to approve the agreement.

“This settlement was only made possible thanks to the additional time the commission afforded us,” said ORS Executive Director Nanette Edwards.

She estimated the typical residential bill will increase $1.81 a month.

Dominion also committed up to $30 million to help economically distressed customers at no cost to ratepayers including:

• Up to $15 million to forgive past due balances of more than 60 days, as of May 31, 2021.

All customers are eligible with credits in 90 days of final PSC approval.

• $15 million dedicated to energy efficiency upgrades and health and safety repairs to customer homes.

That will give those homes money-saving efficiency programs. Dominion also agreed to:

• Double its annual commitment to EnergyShare, the company’s aid program with $1.5 million in 2021 and 2022.

This includes $500,000 for small businesses, a new benefit.

• Keep its fixed monthly charge under $10. The current fee is $9.

The settlement fee is $9.50.

Other increases will depend on how much electricity a ratepayer uses.

Keeping fixed costs low helps customers manage their bills and encourages energy conservation.

Consumer Advocate Carri Lybarker called the agreement a “consumer-friendly measure otherwise not available through a formal proceeding.”

Knapp said, “Small businesses should be assured that they are getting the best outcome possible, the biggest reduction in a utility rate hike request that I have seen in the last 20 years.”