JEA, the former Jacksonville Electric Authority, recently finalized a plan to lower its customers' electricity rates by about $5 per month, The Florida Times Union reports.

According to the news source, the company's board had been discussing the rate change proposal for several months before making the decision, which was a part of the city-owned utility's plan for a new 2013 budget. The deal will see JEA deliver $236 million to the city through service taxes and other fees that its customers pay.

"We're at least 22 percent of the [city] budget," said board member Mike Hightower, adding he was surprised at the amount of money the utility brings in for the city.

The utility has been able to lower its rates through a series of good fortune, including more affordable fuels for natural gas power plants and lower interest costs on loans the company had taken out.

With more utilities becoming stable thanks to less expensive power generation and new technologies, retail energy providers will also have to compete with lower prices. Many of these electricity suppliers also offer unique incentives, such as Bounce Energy's Membership Rewards program.