Here's how you can get a 15% power rebate — once the Churchill Falls deal is finalized

Amidst all the numbers floating around about the new Churchill Falls agreement between Newfoundland and Labrador and Quebec, there's one number the provincial government says will bring you direct savings on your energy bill.

Premier Tony Wakeham announced a new Churchill River Electricity Rebate as part of the announcement of the new agreement, which he said will help lighten power bills for residential ratepayers across the province once final agreements are reached.

"Once I got the call that we had reached a deal, I wanted to do something immediately for the people of Newfoundland and Labrador so that they would see an immediate impact," Wakeham told CBC News Wednesday.

"We got together and I decided that we would offer a 15 per cent rebate off their electricity bills."

Here's how the province's Department of Finance says it will work.

How much will you save?

A 15 per cent rebate will apply to all residential ratepayers in Newfoundland and Labrador on the first 2,000 kilowatt-hours of electricity they use each month, according to an emailed statement from the provincial government.

For example, if a household had a power meter reading of 1,418 kilowatt-hours — which data from Newfoundland Power shows is the average monthly usage for a residence as of July — the 15 per cent rebate would be applied to the whole bill.

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If usage exceeds 2,000 kilowatt-hours — like, for example, 3,000 kilowatt-hours used during a colder month — the rebate would apply to the first 2,000 kilowatt-hours only.

A spokesperson for the Department of Finance said the rebate will be applied directly to monthly electricity bills, and that the rebate will translate to an average savings of $351 per year, per household.

The statement said the rebate will cost the province $92 million per year — with that money coming from the new agreement.

Newfoundland and Labrador is expected to earn $363.7 million from power sold to Quebec in 2027, according to the agreement's payment schedule. That means 25.2 per cent of that money would be allocated to the rebate.

When will you see it?

That depends on when the agreement between Newfoundland and Labrador and Quebec becomes official.

Despite the announcement from Wakeham, Quebec Premier Christine Fréchette and Prime Minister Mark Carney, there's still work that needs to be done to work toward definitive agreements.

The Department of Finance told CBC News that the rebate will be implemented once definitive agreements have been finalized — which the provincial government hopes comes by the end of the year.

"It will show up every month on your bill. You will see the 15 per cent rebate off the top," Wakeham said. "I think we can strike that balance, to be brutally honest, that we can do this."

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