Rising Energy Costs in New York

Rising Energy Costs in New York

Besides NYSEG, Central Hudson is also increasing the costs of electricity. How to save despite rising energy costs?

Rising Energy Costs

NYSEG will continuously increase the prices of electricity in the coming years. For NYSEG customers, costs could increase up to 23.7% in the near future. You can read more about this in our News Section. Central Hudson is also continuing to raise the price of electricity. This already happened in July 2019, by 10%. A further 10% followed in 2020. In addition, the cost of supply is increaing. It becomes clear: electricity will not become cheaper. The costs are rising. And so does your monthly amount on your bills.

Energy costs rises continously

Be aware that electric rates are rising continuously. And will certainly continue to do so. This is unfortunately true. And you can easily look at it and see it clearly.

One example of how much more you will pay for electricity

Suppose you pay $150 a month for electricity, you will pay $98,000 in electric with just 6% escalation each year (average). With increases like 10%, that number is well over $ 150,000! So how do you save on electricity? Unfortunately, there is nothing you or we can do about the fact that they are rising. Of course, there is the option to use less electricity. But with this, it’s hard to save so much that the rising costs of the power would not be noticeable. Instead, there is another possibility. Produce your own electricity with your own solar system. This way you won’t have to pay more to the power company every month. Instead, you pay to yourself and increase the value of your house.

Energy costs are rising - save money with going solar!

The best part is you don’t need to put any money down and New York State has one of the best tax credit offering to where in most cases 50% of the system is recouped in the first year!  You are going to be paying for electric regardless – you might as well invest in your home. Let us summarize some pros for you:

  • No money down
  • Save ~$50,000 over 25 years
  • Eliminate your electric bill for a smaller payment toward a system
  • Add home value ~$25,000 (cant be taxed on the added value)

We are here to help you with advice and support.