Markets 
New Yorkers are in line for some cold, hard cash.
Utility bills are skyrocketing due to the perfect cocktail — costly grid upgrades, growing demand from data center consumption and rising rates. But New Yorkers are finally set to catch a break in a meaningful way — a check.
The green comes after Gov. Kathy Hochul factored an extra $1 billion into the state budget for millions of folks struggling with electricity costs. The one-time payments were secured back in May and will come from the Protecting Our Wallets Energy Rebate (POWER) program.
Eligible residents will begin seeing checks hit mailboxes this month and continue through December — just as the winter months creep in.
Check 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
To grab your cash, each rebate will be automatically issued and mailed to those eligible — no application is needed.
“This Budget not only means enhanced protections and direct financial relief for ratepayers today, it prepares us for an even stronger tomorrow thanks to our historic investments in sustainability, grid reliability, infrastructure and resiliency,” Gov. Hochul said in a statement.
New Yorkers are in need of the moolah too — a new report showed that New Yorkers pay the third-highest residential electricity prices in the country — trailing only Hawaii and California.
New York’s residential electricity prices were a staggering 29.93 cents per kilowatt-hour in May, based on the latest federal data, the analysis by the Empire Data found.
The Albany-based think tank found that New York’s prices were 62% higher than the national average, nearly double Florida’s and over 80% higher than Texas’.
Back in January, Con Ed revealed it would hike electricity bills by 10.4% and inflate gas bill 15.8% – costing the average New Yorker an eye-watering $600 more per year by 2028. The hikes will increase gas bills by 2.4% per year in 2026, 7.8% in 2027 and 5.6% in 2028.
And the NYC electric bill increase — 3.9% per year in 2026, 3.3% in 2027 and 3.22% in 2028 – will tack on roughly $134 more per year for typical Gothamites using 280 kWh of power per month by 2028.
Read the full article here
