New York City Electricity Rates
Contents
- 1 New York City Electricity Rates
- 2 New York City Utility Companies
- 3 New York City Power Outages
- 4 New York City Renewable Energy
- 5 Energy Efficiency Programs and Savings
- 6 Smart Thermostat
- 7 LED Light Bulbs
- 8 Heating and Cooling
- 9 Shopping for an Electric Supplier?
- 10 Frequently Asked Questions
- 11 How Much Will I Save?
- 12 Can I be Charged Twice?
- 13 When Will I be Switched?
- 14 Do you Have 100% Renewable Energy?
- 15 Is There an Early Cancellation Fee?
- 16 Are There Hidden Fees?
- 17 View by City
- 18 Clean Energy
- 19 Electricity Rates
If you’re moving to New York City then plan on taking advantage of energy choice. Thanks to the passage of the Competitive Opportunities Case, New York joined a growing number of states that have taken action to deregulate the electricity market. New York City electricity rates are now more competitive due to the increase of energy suppliers now offering supply services to New Yorkers. Before energy deregulation, the utility companies had a monopoly over the generation, transmission, and delivery of power to customers in their respective service areas. If a customer was unhappy with an electric bill, there was nothing they could do. Energy choice has given more power to consumers to take control over their energy costs.
New York City is home to nearly 8.5 million people and sits 150 miles south of Albany, the state’s capital. The city is subject to harsh winters which tend to increase the demand for energy supply. Locking in a fixed energy rate can protect you against rising prices during these times.
New York City Utility Companies
Con Edison is the major utility company in New York City that is responsible for maintaining and managing the power lines that deliver electricity to customers within its service area. The company is also required to provide a basic service charge for supply services to customers that decide not to switch over to a competing energy supplier. The basic service charge is commonly referred to as the price to compare. If an electric supplier is offering a lower supply rate than the price to compare, then the customer will be saving money by switching to the new energy supplier.
New York City Power Outages
If you switch electric suppliers and experience a power outage then you will need to contact Con Edison. Con Edison is the utility company that is responsible for fixing all power outages within its service area. Thanks to advancements in technology and improvements in the power grid system, potential power outages can be detected and diverted before they can occur.
- Con Edison Customer Contact Number: 1-800-752-6633
New York City Renewable Energy
New York has in place a Renewable Portfolio Standard that requires a set percentage of electricity sold in the state to be generated from renewable energy resources. According to the U.S. Energy Information Administration, New York’s Clean Energy Standard requires 100% carbon-free electricity by the year 2040.
Almost three-tenths of New York’s electricity comes from renewable energy sources. Given the state’s abundance of rivers, the largest renewable generation source comes from hydropower. New York consistently ranks among the top five in the nation for net generation of hydroelectricity. The second main renewable energy source for power generation comes from wind.
Energy Efficiency Programs and Savings
Eligible New York City residents may qualify for energy efficiency programs with Con Edison. One of the major ways to save on energy costs is by replacing old house old items with energy-efficient products. Consuming less energy can have a positive impact on the energy bill.
Smart Thermostat
Con Edison customers have the potential to save $135 when installing a smart thermostat in their home. Customers will receive a $50 discount when purchasing an eligible thermostat and an additional $85 or more when enrolling in a Nest or Honeywell Home smart thermostat.
LED Light Bulbs
Still using old light bulbs? Switch those bulbs out with ENERGY STAR-certified LEDs and watch your energy savings add up. LED light bulbs are also estimated to last up to 15 times longer than the standard light bulb.
Heating and Cooling
If you’re using oil or propane for heating or cooling then eligible customers can enroll and have Con Edison cover the costs when switching to clean, electric heating and cooling technology.
Shopping for an Electric Supplier?
With so many electric suppliers providing quality service in New York how do you know which one is right for you? Most residents want to lock in the lowest rate possible and not have to worry about it for another few years. After all, if you’re moving to New York from a regulated electricity market, then you never had to deal with choosing an energy supplier before. Although this might seem like a hassle, it doesn’t have to be! Lowering the supply rate on the electric bill can save you up to 20% or more!
The first step in choosing an energy supplier is determining your risk tolerance. Two of the most popular energy plans include the fixed and variable rate products. If you’re conservative, then you may want to stick to a fixed rate. However, if you’re open to taking some risk, then a variable rate plan has the potential to save you more than fixed-rate products. Below are a few questions to keep in mind while shopping for an electric supplier.
Frequently Asked Questions
How Much Will I Save?
To determine your exact percentage of savings then you will need to compare the supply rate being offered by the electric supplier to Con Edison’s basic service rate. If the supply rate is lower than the basic service rate then the customer will be saving money by switching to the new provider. Simply subtract Con Edison’s basic service rate by the electric supplier’s supply rate, then divide by Con Edison’s basic service rate. This will give an exact percentage of savings.
Can I be Charged Twice?
No. Once you change electric suppliers it will not be possible to receive two separate electric bills for the same billing period. If you receive an electric bill from your old energy provider, then chances are good it’s from a previous billing cycle.
When Will I be Switched?
Once you sign up with a new energy provider, then the customer will be switched over on the next available meter read. Meter read cycles are typically every 30 days. If you signed up right after your month’s meter read, then you will be switched over the following month. The electric bill reflecting the new rate will then come the month after that.
Do you Have 100% Renewable Energy?
Thanks to energy choice, customers have more options on how the power is generated. More energy suppliers are offering customers 100% renewable energy plans. However, if you opt to go with this option then you can expect to pay a premium on the price.
Is There an Early Cancellation Fee?
Most electric suppliers will charge their customers an early cancellation fee if they change electric suppliers before the expiration of the agreement. Early cancellation fees can either be a flat fee or a fixed price multiplied by how many months remain in the contract. Early cancellation fees can cost up to $300 so be sure you finish the agreement before changing electric suppliers!
Are There Hidden Fees?
If you find a rate that looks too good to be true, then it probably is. Energy plans can carry additional fees such as a monthly base charge. The terms and conditions will lay out all additional fees that are included in the plan.