Markets 
New Yorkers are about to cash in.
Gov. Hochul just announced that Gothamites will be seeing their promised electricity bill rebate checks later this month. The green was secured back in May from the Protecting Our Wallets Energy Rebate (POWER) program.
Starting on Sept. 21, Gov. Hochul will roll out the rebates to 8.2 million eligible households across New York State, continuing through December — just as the winter months creep in and heating costs increase.
Checks were factored into this year’s state budget as Hochul set aside $1 billion for millions of residents struggling with electricity costs.
Rebate amounts vary from $100 up to $200 and are based on income levels. Single filers with incomes under $150,000 will receive $100. Joint filers making between $150,000 and $300,000 will receive $150.
The POWER program will provide $200 — the highest amount available — to joint filers with incomes under $150,000.
To qualify, residents must have met the following:
- Filed a timely New York State Resident Income Tax Return for Tax Year 2024
- Were a full-time resident of New York State for Tax Year 2024
- Reported income within the qualifying thresholds
- Were not claimed as a dependent on another taxpayer’s return
“Too many families are struggling with rising household energy bills and soaring gas prices at the pump — and that’s why we’re putting money directly back in New Yorkers’ pockets by sending energy rebate checks to millions of families as part of our affordability agenda,” Gov. Hochul said in a statement.
Since 2021, utility bills have been rising due to costly grid upgrades, growing demand from data center consumption and sharply rising rates.
According to a recent report, New Yorkers pay the third-highest residential electricity prices in the country — trailing only Hawaii and California.
New York’s residential electricity prices were an eye-watering 29.93 cents per kilowatt-hour in May, based on the latest federal data, the analysis found.
New York’s prices were a whopping 62% higher than the national average, nearly double Florida’s and over 80% higher than Texas’. Electricity prices in the Empire State rose 12% from a year earlier — twice the rate of increase for the US average.
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