In what is going to be welcomed by consumers with open arms, Xcel Energy has announced that they plan on giving close to $66.5 million back to Colorado customers this Summer.

Xcel Energy's reasoning was that because the state's economy has improved more than what was originally expected, and they took in more money than they expected in 2014, they were able to give the money back to Colorado consumers.

According to the Denver Business Journal, the credits will start occurring in August of 2015 and will last the next year. Approval is still needed by the Public Utilities Commission but residents could see a 2.5% cut in monthly electricity bills starting in August. The savings would be around $1.94 for residential customers and $3.18 per month for business customers, the DBJ article says.

This would be the second year in a row that Xcel Energy was able to credit back money to Colorado consumers.