Your Electric & Natural Gas Bill May be Going Up Significantly in New York
The cost of almost everything is going up. You may soon have to add electric and natural gas in New York to that long list.
New York State Electric and Gas (NYSEG) has reached a settlement on rate increases. The good news is the hikes are lower than the original 34% that was proposed late last year. The bad news is they could still be going up more than 20% over the next three years.
The gradual increase will result in electric bills going up to around $30 more a month in three years. Natural gas will increase by $10 over three years.
The last rate increase was a mere 2% during COVID. The new hike will help pay for more than $2 billion in infrastructure investments, $1 billion in improving customer service, and nearly another billion to help lower carbon emissions, according to WHEC.
The public is invited to comment on the proposed rate increase before the Public Service Commission (PSC) makes a final decision sometime later this year.
NYS Thruway Rate Hike
It'll soon cost you more to travel on I-90 in New York. Tolls are going up across the state.
The New York State Thruway Authority Board of Directors authorized the start of the toll adjustment process on the New York State Thruway.
The proposed adjustments create a responsible, stable financial plan and ensure the Authority can meet its future capital and infrastructure needs. Under this proposal, New Yorkers with a NY E-ZPass tag will continue to pay close to the lowest toll rates in the nation.
Thruway Toll Increases
Starting on January 1, 2024, E-ZPass drivers will see a 5% increase and a second 5% hike in January 2027.
For those not using an E-ZPass or paying by mail, rates will go from a little over 5 cents a mile to 8.6 cents by 2027.
Rates for traveling on the Governor Mario M. Cuomo Bridge would be $7.75 by 2027 under the proposed budget. But it'd go up gradually, at 50 cents every year.