• NYC homeowners face significant ConEd rate hikes, with electric bills increasing by an average of 9.1% ($14.44) per month starting August 2023
• Additional rate increases of $7 in January 2024 and $2.50 in January 2025 will further strain household budgets
• Solar energy offers a potential solution to offset rising energy costs and provide long-term savings

New York City homeowners are bracing for the impact of substantial rate hikes from Consolidated Edison (ConEd), the primary utility provider for the city and surrounding areas. Starting in August 2023, electric bills will increase by an average of 9.1%, or $14.44 per month, for a typical residential customer using 600 kilowatt-hours (kWh). This initial hike will be followed by two more increases: an additional $7 in January 2024 and nearly $2.50 in January 2025.

The Burden of Rising Energy Costs

• AARP analysis estimates average electric customers in NYC will pay $18 more per month on ConEd bills by 2025
• Nearly 430,500 of ConEd’s residential customers are already at least 60 days behind on their bills
• Governor Kathy Hochul has proposed $200 million in utility bill discounts for lower-income New Yorkers

These rate hikes will significantly impact homeowners in a city already grappling with a high cost of living. An AARP analysis projects that the average electric customer in NYC will be paying $18 more per month on their ConEd bill by 2025, putting additional strain on household budgets. The burden is particularly heavy for lower-income residents, with nearly 430,500 of ConEd’s residential customers already at least 60 days behind on their bills, totaling around $670 million in outstanding payments.

Solar Energy: A Path to Savings

• Solar energy can help NYC homeowners reduce reliance on traditional utilities and potentially save thousands over the lifetime of their system
• Federal and state incentives, such as the 30% federal tax credit and New York’s property tax abatement, make solar more accessible and affordable
• NYSERDA offers additional incentives and financing options for homeowners considering solar

Amid the looming rate hikes, solar energy presents a viable solution for NYC homeowners to take control of their energy costs and potentially save money in the long run. By installing solar panels, homeowners can generate their own clean, renewable electricity and reduce their reliance on traditional utility providers. Various federal and state incentives, such as the 30% federal tax credit and New York’s property tax abatement for solar installations, further enhance the financial benefits of going solar.

Partnering with Trusted Solar Providers

• Reputable solar companies in the NYC area offer transparent, professional approaches and accurate proposals
• Power production guarantees and consultative sales processes ensure homeowners make informed decisions about their solar investments
• Patriot Energy Solutions, a full-service home energy solution company, is committed to bringing energy efficiency and sustainable living to families in NYC and Long Island

To navigate the solar landscape and make the most of these opportunities, NYC homeowners can partner with reputable solar companies that provide transparent and professional approaches, accurate proposals, power production guarantees, and consultative sales processes. One such company is Patriot Energy Solutions, a full-service home energy solution provider committed to bringing energy efficiency and green, sustainable living to families in NYC and Long Island.

Embracing a Brighter Future

As ConEd’s rate hikes loom on the horizon, NYC homeowners have an opportunity to embrace solar energy as a means to offset rising energy costs, reduce their carbon footprint, and contribute to a more sustainable future. By leveraging federal and state incentives and working with trusted solar providers like Patriot Energy Solutions, homeowners can take control of their energy expenses and invest in a brighter, cleaner tomorrow.