Your DTE Bill Is About To Go Down

Detroit, rejoice! DTE Energy Co is giving us all a holiday present.

The company announced that it will lower electrical rates in 2014.

Residential rates will go down by 6.5 percent. That's about $80 per person per year.

Business rates will reduce by between 5.5 and 7. percent.

Crain's reports:

The rate cuts, said DTE, are due to lower fuel supply costs, which include lower renewable energy costs from wind, and ongoing efforts to reduce the company’s cost structure.

This is the first rate decrease for Detroit-based DTE in more than five years, spokesman Scott Simons said. Michigan approved the renewable energy package in 2008.