Florida Power & Light Co. will lower monthly bills by $3.35 for typical residential customers and by about 2% to 4% for typical commercial and industrial customers, effective March 1.

The rate cut will result in an average residential customer who uses 1,000 kWh of energy paying a monthly bill of $99.37, down from the current $102.72, according to a Feb. 27 release.

That decrease is attributed to the completion of a temporary surcharge for Hurricane Matthew restoration and savings generated by the recent retirement of a major coal plant, the St. Johns River Power Park project.

FPL in January said it would not increase its rates to pay for Hurricane Irma restorations and instead would use federal tax savings to avoid a surcharge for the approximately $1.3 billion cost of that storm. That effort resulted in customers saving an average of approximately $250.

FPL attributed its ability to leverage federal tax savings in this way to the current base rate agreement, which set parameters for base rates and storm surcharges through 2020.