(ABC 6 News) — On Monday, Xcel Energy proposed to deliver $318 million back to Minnesota customers on their bills.

Most of the refund would come from federal tax credits on the energy bill generated by the company’s nuclear fleet.

According to a press release from Xcel Energy, this would be the first time customers see savings from the federal tax credit on nuclear energy generation.

“We’re committed to supporting our state’s economic growth, investing in our communities, delivering reliable and resilient electricity, all while keeping customers’ bills as low as possible,” said Ryan Long, president of Xcel Energy—Minnesota, North Dakota and South Dakota, via the press release. “Tax credits on nuclear energy generation produce savings for our customers, providing another way for our carbon-free, always-available nuclear fleet to create value for our customers and state.”

Xcel Energy says the nuclear energy generation tax credits will make up $176 million, about 55%, of the company’s $318 million refund as part of its annual Fuel Clause Adjustment process.

If approved by the Minnesota Public Utilities Commission, Xcel Energy estimates that the average residential customer will receive a total refund of $81, reducing their monthly bills through March 2026.