If you're a ComEd customer, you should benefit from a settlement reached today that will result in refunds on your November bill.

The Illinois Commerce Commission has approved a $46.2 million settlement over lawsuits with the state. Illinois Attorney General Lisa Madigan brought the legal actions in 2008 and 2010 challenging ComEd's rates.

So how much will you get?

Customer refund amounts will be based in part on electricity usage in the month of October 2014 and on an individual account basis. Though the amount will vary, officials say refunds will average $8 per residential customer account. Former ComEd customers from October 2010 to December 2012 also are eligible for refunds if they can prove they previously were customers.

Bruce Bennett, Getty Images
Bruce Bennett, Getty Images
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The first of Madigan’s lawsuits arose from a 2008 ComEd rate increase, which included surcharges on customer bills to pay for “smart grid” infrastructure improvements.  The second lawsuit involved a challenge to the method the Illinois Commerce Commission used to approve increased rates to cover ComEd’s capital investments.