A new state law may lower your electric bills.

On the last day of the legislative session, the House and Senate passed the Energy Freedom Act and sent it to Gov. Henry McMaster who signed it into law.

“It has been widely reported that this new law is about promoting clean energy and that’s partially true,” said Sen. Tom Davis, one of the law’s sponsors.

Davis called it a 1st step away from regulated monopolies that saddled SC Electric & Gas ratepayers with some of the highest electric bills in the US.

Davis said the law will:

• Open competition in an open market of buyers and sellers at lower rates.

• Open the grid to new technology and providers.

• End a cap on credit to customers selling excess power from solar panels.

• Allow independent producers who can generate electricity more cheaply to sell that power with savings passed on to consumers.

This will give consumers lower rates in a competitive market as opposed to paying a mega-utility a guaranteed rate of return on its invested capital, Davis said.

“Considerable work remains to be done, for the old way of doing business and those who benefit from it never yield to any change without a fight,” he said.

“Careful attention must be paid to the actions of the Public Service Commission, which is charged with implementing the new law.”