Electric rates for Ameren Missouri customers will be cut 6 percent starting Wednesday as customers benefit from the federal tax cut enacted in December.

Ameren must pass $167 million of the savings through to customers under an order from the Public Service Commission. A new law on utility rates, passed this year by the General Assembly, freezes the lower rates in place until April 2020. For the average residential customer, the reduction will mean savings of about $72 per year.

In addition to the rate cut, Ameren is offering $28 million in rebates for customers installing solar panels and will invest $14 million in solar power generation by 2023. It must also submit a grid modernization plan to the PSC in early 2019.

Ameren serves about 1,750 electrical customers in Boone County, mostly in the Ashland and Hallsville areas.