New York State government will begin distributing one-time electricity subsidies to eligible residents starting this month, ranging from $100 to $200. The subsidies are expected to continue through December, and residents do not need to apply as the checks will be automatically mailed out.
This “Protect Our Wallets Energy Relief” (POWER) program was allocated $1 billion in this year’s state budget by Governor Kathy Hochul to help alleviate the increasingly high electricity costs burdening residents.
Those eligible must have timely filed their New York State income tax returns for the 2024 tax year, resided in New York State for the entire year, met income thresholds, and have not been claimed as dependents by other taxpayers. Single filers with annual incomes below $150,000 can receive $100; joint filers with incomes between $150,000 to $300,000 can receive $150; and joint filers with incomes below $150,000 can receive up to $200.
Electricity prices in New York have been on the rise in recent years. According to Empire Data citing the latest federal data, the average electricity price in New York State in May reached 29.93 cents per kilowatt-hour, 62% higher than the national average, trailing only Hawaii and California.
Furthermore, Con Edison announced increases in electricity and natural gas rates this year, with New York City households potentially seeing an average annual energy expenditure increase of about $600 by 2028. For a typical household consuming 280 kilowatt-hours per month, based solely on electricity rate adjustments, an estimated $134 per year increase is expected by 2028.