Goulburn-Murray Water says most of its customers can can expect to see reductions in their bills from next July, following a significant drop in operating costs.
GMW is seeking final feedback on its pricing submission, which will determine its fees and charges from 2020 to 2024.
Efficiencies and cost reductions across the business would see services maintained or improved, charges made more simple and transparent.
GMW managing director Charmaine Quick said it was also intended to create a fairer deal for all.
"GMW is a not-for-profit rural water authority and our pricing is set up to cover the costs of the services we provide and to maintain our assets - the dams, channels and meters we operate - into the future," GMW managing director Charmaine Quick said.
"Collaboration with customers, the transformation of the business and changes impacting on the Goulburn Murray Irrigation District mean we can reduce those costs from almost $505 million over our last four years of operations to $443 million over the next four years."
Ms Quick said the bottom line represented a 12 per cent reduction, in real terms.
Pending Essential Services Commission approval of the submission Pricing Submission, the cost saving would be passed on, lowering the bills of most GMW customers.
"At a time when input costs, including the temporary price of water, are rising for many of our customers, we intend to reduce what we charge," Ms Quick said.
"There are few utilities, energy companies and other service providers delivering these levels of savings on behalf of their customers."
The changes proposed to GMW fees and charges are detailed in a submission summary - A fairer deal for all - now being made available to customers.
This marks the final stage of extensive engagement with customers on GMW's pricing submission,carried out over the last two years.
These have included workshops, drop-in sessions, summit meetings and thousands of customer conversations.
"Customers have been clear in what they want - a fairer deal for all - and we've developed proposals to deliver just that," Ms Quick said.
Feedback on A fairer deal for all is now being sought by customers until 9am on Monday, November 4.
After consideration of this feedback, the final pricing submission would be presented to the ESC,with a decision expected by June, 2020.
Customers can also call GMW on 1800 013 357 for a copy to be emailed or mailed.