Homeowners on Long Island are bracing for a significant increase in their electric bills next year. PSEG Long Island, the utility serving the region, has been granted approval for a rate hike that will impact residents' budgets. Here's what you need to know:

- The average residential bill is expected to increase by around $17 per month in 2024.

- The rate hike is driven by various factors, including:

  - Increased delivery charges

  - Basic service fees

  - Adjustments like the revenue decoupling mechanism

- These changes are aimed at covering the utility's costs and ensuring reliable service delivery to Long Island residents.

- The rate increase has faced criticism from consumer advocates and ratepayers, who are concerned about the impact on household budgets, especially for those already struggling with rising costs of living.

- Homeowners may want to explore energy-efficient solutions and consider solar power as a potential way to mitigate the impact of higher electric bills.

- Experts suggest closely monitoring energy consumption and implementing conservation measures to reduce overall energy costs.

While rate hikes are never welcome news, they serve as a reminder of the ongoing challenges faced by utilities and regulators in balancing affordability, reliability, and sustainability in the ever-evolving energy landscape.