NEW YORK - Con Edison announced a rate hike Thursday that will see rates increase over the next three years.
The company will use over a billion dollars that should be raised by the hike to upgrade infrastructure, badly needed in the summer and winter months, along with moving towards clean energy.
“In addition to investing about $3B each year for electric and gas service reliability the plan provides major funding for clean energy programs and energy efficiency,” Con Ed said in a statement.
The news has not been received well by Con Ed customers however, who criticize the utility for poor service, not using clean energy sooner and consistently rising rates.
As a result of the hikes, gas rates will go up 25 percent over the next three years while electric rates will go up 13 percent. Or, in dollars and cents, gas customers will see a $11.37 per month increase this year, while electric customers will see a $5 per month increase. Customers in Westchester County and commercial businesses can expect to see an even bigger hike.
According to Con Ed, the biggest driver of the rate hikes aren’t because residents are using more energy however, it’s due to Con Ed’s property taxes in New York City.
Some advocates argue the rate hikes will unfairly affect elderly and low-income New Yorkers.
“Knowing that New Yorkers already pay among the highest rates in the country, when you go through this $1.2B increase on the backs of consumers it’s pretty shocking,” said Beth Finkel, state director for the AARP.