- Understand the impact of a roughly 9% electric bill increase for ConEd customers in 2023

- Gain insights into the projected $65 monthly increase for typical residential customers by 2025

- Learn about the upcoming rate hikes announced by PSEG Long Island for 2024

New York homeowners, brace yourselves for a significant surge in energy costs. The New York Public Service Commission (PSC) has approved major rate hikes for ConEdison customers, starting with a staggering 9% increase in electric bills for the remainder of 2023. This initial hike is just the beginning, as the average residential customer receiving both gas and electricity from ConEd can expect to pay a whopping $65 more per month by 2025. For instance, a typical NYC or Westchester County residential customer consuming 600 kilowatt-hours of electricity per month will see their bill soar by $14.44 in August 2023 alone. Moreover, the new rates include additional increases of 6.7% in January 2024 and 6.6% in January 2025 for electric bills. PSEG Long Island has also announced forthcoming rate increases for 2024, though specific details have yet to be unveiled.