ConEd rate hikes go into effect next month

ConEd rate hikes set for next month

Con Edison rate hikes are set to take effect next month. The company says the hikes are necessary to cover increased costs. FOX 5 NY's Linda Schmidt breaks down just how much more you will have to pay, and what you can do to save some money.

NEW YORK - New Yorkers are bracing themselves for yet another ConEd rate hike set to take effect next month.

Critics say the rate increase will cause the average bill for New Yorkers to rise by $64 a month.

"It's going to push people to the brink. It's going to force people out of their homes," warned Queens State Assemblyman Zohran Mamdani, who has been battling the rate hikes. "Con Ed is a private company whose ultimate goal is profit."

The changes in rates are significant, with the average monthly electric bill projected to increase by over $14 next month. This will be followed by an additional $7 increase in January 2024 and nearly $2.50 in January 2025. For gas bills, the burden is equally high, with an average increase of $17 expected next month, followed by nearly $15 in January 2024 and another $15 in 2025.

Con Edison says that the increases are necessary to help the company pay its property taxes.

"2.5 billion dollars of that we’re paying is New York City property taxes in this year alone. Unfortunately, we don’t have any control over that and that needs to be passed along to the customers," said Jamie McShane, Con Edison's Director of Media Relations.

Con Edison also claims that the increases are essential to meet the state's energy efficiency mandates.

"Con Ed will say ‘This is for this, this is for that.’ What it fundamentally is about is increasing profit margins for the company," said Assemblyman Mamdani.