New York is moving to put firmer guardrails around household utility costs as electricity and gas prices continue to strain family budgets.
Gov. Kathy Hochul said the state will expand its energy affordability guideline to millions of middle-income families.
Here's what to know
According to the New York Daily News, under the guideline, a household's electric and gas bills together are supposed to stay below 6% of income, divided into 3% for electricity and 3% for gas. The state's Public Service Commission will start tracking utilities against that measure.
The state plans to calculate an initial affordability score for each utility by early next year using median area incomes, with full reports due in the summer. A standard that had applied to low-income households could reach as many as 2.5 million middle-income families.
The move adds pressure on utilities at a time when rising energy prices are worrying both families and elected officials.
For homeowners, going solar is one of the best ways to save money on home energy over time. People who want to explore the option can use EnergySage to get free solar installation estimates and compare quotes.
More background
If a utility falls short of the affordability benchmark, the governor said, it could face closer state oversight and added difficulty when asking for future rate increases.
The affordability score may also factor into executive and senior management compensation, giving utility leaders a financial reason to keep costs in check.
Save $10,000 on solar panels without even sharing your phone number Want to go solar but not sure who to trust? EnergySage has your back with free and transparent quotes from fully vetted providers that can help you save as much as $10k on installation. To get started, just answer a few questions about your home — no phone number required. Within a day or two, EnergySage will email you the best local options for your needs, and their expert advisers can help you compare quotes and pick a winner. |
With household energy bills climbing across New York, Hochul also announced rebate checks of up to $200 for 8.2 million households. The state said the payments are meant to ease rising prices tied to the Iran war.
What's being done?
With EnergySage's help, the average person can save up to $10,000 on a solar purchase and installation. Homeowners can also use EnergySage's solar map, which shows the average cost of a home solar panel system by state and details solar panel incentives in each state. Together, those resources can help homeowners get the best price for rooftop solar panels and access available incentives.
Adding battery storage to a solar setup is one of the best ways to protect your home during outages, save money on energy, and go off-grid. Homeowners who want to compare their options can explore EnergySage for information about home battery storage, including competitive installation estimates.
"I have made it a top priority to ensure we keep the lights on and costs down for all New Yorkers, and the PSC's action today builds on those efforts," Hochul said, per the Daily News.
More From EnergySage
💡Go deep on the latest news and trends shaping the residential solar landscape
Where can I learn more?
These stories look at how New York and other governments are trying to ease rising household energy costs.
• New York's annual electric bill relief is reaching over 800,000 households.
• New York City created its first utility advocate as bills and rate hikes rise.
• States rolled out up to $14,000 for home energy upgrades.
• Homeowners can claim tax breaks for efficiency upgrades and start cutting utility bills.
• Federal incentives put up to $8,000 within reach for home energy improvements.
Get TCD's free newsletters for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here.
