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The article discusses the potential upcoming rate hikes in gas and electricity bills for upstate New Yorkers by major utilities, National Grid, and New York State Electric and Gas Company.
The proposed increases are substantial, with National Grid seeking nearly $1 billion in raises over the next three years, and NYSEG looking to add around $34 a month for gas and $33 for electricity per average bill.
FULL STORY: ‘It’s Not OK’: Upstate New York Braces for Steep Utility Bill Hikes
Key takeaways
- Utility companies nationwide are investing in upgrading the electric grid to meet current and future demands, including transitioning to cleaner energy sources like electric vehicles and renewable generation, driving up costs.
- While all customers will be affected by the rate hikes, retirees, middle- to low-income families, high-usage households, and small businesses will bear the brunt of the increases, potentially adding up to $600 per year for some customers.
- New York’s ambitious climate mandates necessitate costly changes by utilities, such as transitioning away from fossil fuels, leading to substantial rate increases compounded by inflation, rising costs, and previous rate hikes.
- Homeowners can mitigate the impact of rising utility costs by conducting energy audits to identify inefficiencies, upgrading to energy-efficient appliances and insulation, and seeking assistance through programs like HEAP, NYSERDA incentives, or utility hardship programs for bill credits and efficiency upgrades.
- Gov. Kathy Hochul has voiced opposition to the proposed rate hikes, emphasizing the need for utilities to find ways to spread costs, diversify, economize, and cut expenses to lessen the burden on ratepayers.
This summary has been generated with AI tools and edited by Realtor.com® News & Insights editors. The full story, written and edited by Realtor.com News & Insights newsroom journalists, is linked at the top of the summary.