PG&E's (PCG) Pacific Gas & Electric utility plans to cut California electric rates for the fourth time in two years, effective Friday, while natural gas rates also are set to decline.

The 5% decrease in residential electric rates means typical customers will pay about $7 less per month, the company said Tuesday in a statement. Combined with previous cuts, electric rates will be 11% lower than in January, saving the average household about $20 monthly.

Natural gas rates are set to drop by 3%, saving typical households about $1 per month. PG&E attributed the lower costs to the removal of certain expenses from its rate structure and a decline in greenhouse-gas compliance costs.