Columbia, SC (WLTX) - SCANA Corporation and Dominion Energy, a Virginia-based utility company, announced a $14.6 Billion deal on Wednesday morning.

What Does This Deal Mean For You?

In the deal, Dominion Energy is agreeing to a $1.3 Billion payout to South Carolina Electric and Gas (SCE&G) customers. That means customers could see an average of $1,000 through a refund.

The deal will also reduce your electric bill by 5 percent. That's about a $7 decrease in your electric bill per month.

Dominion says they will be writing off the $1.7 Billion worth of V.C. Summer nuclear costs. That's debt customers won't have to pay for in the future. This allows for the elimination of all related customer costs over 20 years instead of over the previously proposed 50-60 years.

Dominion plans on buying the $180 Million natural-gas-fired power station in Gaston, SC.

Who Will Get the SCE&G Refund?

The criteria for who will get the refund is not set. However, customers of SCE&G who have been paying into the nuclear project at V.C. Summer are eligible.

"What we're trying to capture with this $1,000 figure is, if somebody was here the whole time of th V.C. Summer expansion and they use about 1,000 kilowatt hours a month, they will get a $1,000 check," says Tom Farrell, Dominion Energy CEO. "It will be based on their usage patters and the last usage we're looking at is 2016."

Customers should check out their bills to see how much they are using on average during the month.

When Will Customers Get This Money?

The timeframe for when customers will receive their refund is still up in the air. What has to happen now is there needs to be approval by SCANA's shareholders, clearance from the U.S. Federal Trade Commission, the Nuclear Regulatory Commission and state regulatory approval.

SCANA and Dominion will go before the Public Service Commission on January 11 to present their merger for approval.

For a complete look at the deal, check out the logistics here.