Average New York ratepayer can save at least $341 per year by 2030, if lawmakers take action to require data centers to bring their own clean energy and expand the deployment of customer-owned power
As New Yorkers face skyrocketing utility bills, a new independent analysis from Synapse Energy Economics finds that state leaders can take immediate action that could save the average New York household at least $341 per year by 2030. In the face of proposals to roll back New York’s climate law, the modeling details how state leaders can actually stem the tide of rising energy costs through increased clean energy leadership.
View the analysis here.
The report identifies five concrete steps New York can take to turn the tide on rising energy costs:
- Requiring data centers to bring their own new clean energy
- Expanding deployment of customer-owned power
- Lowering utility return on equity
- Reducing gas pipeline replacement costs
- Avoiding expensive new gas system investments in the NESE pipeline
According to Synapse’s findings, together, these actions would reduce energy costs for gas and electric ratepayers across the state by hundreds of dollars. The average downstate ratepayer who pays for gas heat would save $431 per year, and the average upstate ratepayer would save $341 per year on their utility bills by 2030.
“New Yorkers are demanding action to rein in rising utility costs and this new analysis provides the roadmap,” said Evergreen Collaborative Vice President for States Justin Balik. “Lawmakers have an opportunity to deliver major savings for New Yorkers on their utility bills if they act now to ensure data centers are bringing new clean energy and invest in customer-owned power that will make the grid more affordable and resilient. New York can’t afford to wait.”
"The Synapse report illustrates the steps that state leaders should be taking to address rising utility costs while not sacrificing a clean energy future. New York State must double-down on deploying clean energy and by doing so delivering significant savings," said Samantha Wilt, New York Policy Director for Climate & Energy at NRDC (Natural Resources Defense Council). "Governor Hochul and state leaders need to keep fighting for the huge benefits the CLCPA will deliver and not bow down to the interests of fossil fuel companies, keeping us shackled to volatile and increasing fossil fuel prices."
“Now is not the time to retreat on climate. It’s the time to lead by building more cheap, clean energy,” said Senator Kevin Parker, Chair of the Committee on Energy and Telecommunications. “This analysis confirms that adopting commonsense clean energy solutions would put hundreds of dollars back in New Yorkers’ pockets every year. That’s why backing away from our climate commitments would be a costly mistake for families across our state. Leading on climate means leading on affordability, and New York can’t afford to do anything less.”
“We must stop the false narrative that clean energy drives up costs. Actually, it is our dependence on fossil fuels that is the true burden on New Yorkers,” said Senator Pete Harckham, Chair of the Committee on Environmental Conservation. “Solar power can be installed quickly and economically. That’s the reason why Texas, America’s gas station, is also now our top solar energy state. By modernizing our grid and accelerating solar deployment, we can break the cycle of skyrocketing energy costs and provide lasting relief to every household in the state.”
As lawmakers grapple with an affordability crisis worsened by federal attacks on cheap clean energy, New York has a pivotal opportunity to deliver tangible relief to families while laying the groundwork for lasting reform. The policies outlined in this analysis are practical, near-term actions the Hochul administration and lawmakers can take to lower household costs and strengthen the grid with clean, affordable, reliable energy. This near-term relief can lay the foundation for deeper change to take on entrenched interests, restore accountability, and make affordability, fairness, and reliability the cornerstones of New York’s energy system.
A fact sheet detailing these interventions and their benefits can be found here.
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