Your wallet will suffer this summer. Con Edison estimates that residential electric bills will increase 11% to 12% in New York City during the season due to the use of air conditioning. In Westchester County, bills could rise 15%, the company said.
Based on last summer’s electricity costs, an 11% to 12% price increase this summer would result in a total monthly bill of between $115.50 and $116.54 for a typical New York City residential customer using 350 kilowatt hours of electricity.
In Westchester, where Con Ed says typical residential customers use 350 kilowatt hours each month in their largest homes, a 15% increase would result in a monthly bill of about $152.97.
Statewide, utility regulators are warning that bills could rise 12%.
The higher-than-normal projection announced Thursday by Con Ed is due to a recovering economy due to the coronavirus pandemic and international uncertainty about energy supplies due to the war in Ukraine, officials said.
“New York, like every other state, continues to experience higher-than-normal commodity prices compared to prices several years ago, and that is expected to continue into the coming summer,” said Commission Chairman Rory M. Christian, in a statement.
“Due to an expected increase in generator fuel costs, as well as changes in prices and capacity obligations, residential and
business customers may experience higher commodity bills this summer than last.”
State regulators will require utilities to keep prices relatively level, but customers will likely pay more overall.
The ad represents another blow to consumers. Big Apple residents have already seen their electricity bills rise in recent months. Inflation increased household energy bills by 21.2% from April 2021 to last month, according to a report recent from the Bureau of Labor Statistics.
Power prices are currently at their highest levels since 2014, according to state regulators.
“We urge customers to manage their costs by using energy carefully and conserving whenever possible,” Con Ed urged in a statement.
Across the Hudson, consumers may have more options. New Jersey offers a wide variety of programs to help pay utility bills, as well as offering bonuses and rebates for transitioning to green energy. Click here for more details on financial aid offered by the Garden State.