Con Edison’s proposal to increase electric bills by 4% and gas bills by 7% annually until 2025 is just a small glimpse of the costs that the public will bear due to New York’s green energy mandates.
These additional revenues are solely intended for the improvements to the transmission grid, which will accommodate the shift towards more renewable sources of energy. This includes the necessary connections to wind and solar power plants, as well as the implementation of battery backups to compensate for the unreliability of these sources.
Furthermore, the funds will also be used to incentivize customers to switch to electric heating and other devices, as mandated by the state’s climate plan.
In the future, additional rate hikes will be required to address the fact that solar and wind power generation is more expensive compared to fossil fuel-based electricity.
Con Edison is not the only utility company proposing rate increases. National Grid recently suggested a significant 17% hike, attributing it to inflation and the state’s climate goals.
However, the estimated costs of the state’s Climate Leadership and Community Protection Act exceed half a trillion dollars, and Albany has not made any efforts to reduce other expenses to cover these costs without imposing additional taxes.
It is important to note that the construction and operation of renewable energy infrastructure is not free. Ultimately, it is the consumers who will bear the financial burden.
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