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Electrical energy is one thing we’re all going to pay for – a method or one other – all through our lives. And whereas it’s straightforward to place utility funds on auto-pilot, it’s value understanding the worth you’re paying for electrical energy so you may contemplate methods to decrease it.
For round 3.6 million New Yorkers, the worth of electrical energy is about by Con Edison – the state’s largest electrical energy supplier.
So, that will help you perceive the worth you’re paying for electrical energy (and easy methods to decrease it), we’re having a look at Con Edison electrical energy charges in 2024.
On this article, we’ll cowl:
Let’s start with a take a look at Con Edison present charges for residential clients.
How a lot does Con Edison cost per kWh in 2024?
As of February 2024, Con Edison’s commonplace residential electrical energy charge is simply over 24 cents per kilowatt-hour (kWh). This charge is a mix of Con Edison’s present supply costs (14.1 cents per kWh) and provide costs (10.3 cents per kWh). Nonetheless, Con Edison has a number of charge plans, every with distinctive charges that may fluctuate by season, time of day, and your month-to-month utilization.
Con Edison charges are a mix of two issues:
Provide costs: The price of the electrical energy you utilize
Supply costs: The price of getting that electrical energy to your own home
Con Edison separates provide and supply costs on their payments, as proven beneath. To search out your complete value per kWh of electrical energy for the month, merely add the 2 charges collectively.
What’s the common electrical energy invoice in New York?
The typical electrical energy invoice for residential Con Edison clients in New York is round $170 monthly. That is based mostly on a mean utilization of 600 kWh monthly at 24 cents per kWh, an $18 primary service cost, taxes, and surcharges.
After all, electrical energy payments fairly a bit based mostly in your consumption for the month and your charge plan. Subsequent, we’ll check out the residential charge plans provided by Con Edison.
Con Edison charge plans in 2024
Con Edison presents each commonplace and time-of-use (TOU) charges to residential clients.
EL1 – Price I – The usual charge plan for residential clients
EL1 – Price II – A TOU plan for purchasers who voluntarily enrolled earlier than March 2014
EL1 – Price III – A TOU plan for purchasers who voluntarily enroll(ed) after March 2014
Let’s take a better take a look at each…
Con Edison Commonplace Charges: EL1 – Price I
The Price I plan is the default possibility for residential Con Edison clients and comes with an $18 month-to-month primary service cost. On this plan, supply costs are the identical for many of the 12 months, however bounce in the summertime once you exceed 250 kWh of utilization in a month.
Bear in mind: These are solely supply costs. Your complete electrical energy charge additionally consists of provide costs, which averaged round 8 cents per kWh all year long in 2023.
Utilization
Supply cost
Provide cost (2023 annual common)
Mixed charge
First 250 kWh (June-Sept)
14.1 cents per kWh
8.1 cents per kWh
22.2 cents per kWh
Over 250 kWh (June-Sept)
16.2 cents per kWh
8.1 cents per kWh
24.3 cents per kWh
All different utilization
14.1 cents per kWh
8.1 cents per kWh
22.2 cents per kWh
It’s additionally value noting that the common family in New York makes use of ~600 kWh of electrical energy monthly. So, you may count on to surpass the 250 kWh threshold in the summertime once you’re working your air conditioner.
Con Edison TOU Charges: EL1 – Charges II
The Charges II plan is a time-of-use plan, which suggests the price of electrical energy varies based mostly on “Peak” and “Off-Peak” durations all through the day. This plan has an $18 monthly primary service cost and is barely obtainable to Con Edison clients who voluntarily opted into it earlier than March 1, 2014.
Starting January 1, 2024 supply costs for the Charges II plan are as follows:
Months
Hours
Peak or Off-Peak?
Supply cost
June-September
Weekdays, 10 am to 10 pm
Peak
56.90 cents per kWh
June-September
All different hours + holidays
Off-Peak
2.18 cents per kWh
October-Might
Weekdays 10 am to 10 pm
Peak
20.64 cents per kWh
October-Might
All different hours + holidays
Off-Peak
2.18 cents per kWh
Once more, these are solely supply costs. Provide costs additionally fluctuate based mostly on Peak and Off-Peak durations. In 2023, Peak provide costs exceeded 13 cents per kWh in the summertime, pushing the mixed charge for this plan north of 70 cents per kWh!
Con Edison TOU Charges: EL1 – Charges III
Charges III is Con Edison’s (comparatively) new TOU plan for residential clients that voluntarily opt-in on or after March 1, 2014. As of January 1, 2024 this plan has a primary service cost of $19 monthly and supply costs starting from 2.33 cents to 33.05 cents per kWh.
Charges III additionally has completely different Peak and Off-Peak home windows than Charges II. Peak supply cost charges on this plan are between 8 am and midnight on daily basis of the week, as proven beneath.
Months
Hours
Peak or Off-Peak?
Supply cost
June-September
Every single day, 8 am to midnight
Peak
33.05 cents per kWh
June-September
2 to six pm
Tremendous-Peak
33.05 + larger provide chargers
June-September
All different hours
Off-Peak
2.33 cents per kWh
October-Might
Every single day, 8 am to midnight
Peak
12.23 cents per kWh
October-Might
All different hours
Off-Peak
2.33 cents per kWh
Bear in mind: These are solely supply costs! Provide costs are going to push your mixed charge up by 5-12 cents per kWh relying on the time of 12 months – and way more in the summertime.
That’s as a result of this plan additionally features a Tremendous-peak window from 2-6 pm on summer time weekdays. Throughout these Tremendous-peak durations in 2023, provide costs for this plan have been north of 30 cents per kWh within the suburbs, and exceeded 80 cents per kWh in New York Metropolis.
Meaning in the event you dwell within the metropolis you would be charged over $1.10 per kWh between 2-6 pm on summer time weekdays!
Is Con Edison Elevating Charges in 2024?
Sure, Con Edison has been permitted to lift electrical energy charges in 2024 and 2025. In July 2023, state regulators permitted charge hikes for 2023, 2024, and 2025.
For a family utilizing 600 kWh monthly, these hikes are anticipated to lift the common month-to-month electrical energy invoice by $24 monthly.
Authorised Con Edison Price Hikes for 2023-2025
12 months
Electrical invoice improve (%)
Electrical invoice improve ($)
2023
9.1%
$14.44
2024
4.2%
$7.20
2025
1.4%
$2.43
So, in case your common invoice was $170 earlier than the 2023 hike, you may count on it to climb to $194 in 2025.
The speed hikes in 2023-2025 are on par with the final 10 years. Since 2014, the bottom supply cost for the Price I plan has elevated from 9 to 14 cents per kWh. That’s a mean of 4% per 12 months, which is barely larger than the nationwide common of three% per 12 months.
And these annual charge hikes are to be anticipated. As a monopoly, regulated utilities like Con Edison legally can’t revenue from of the electrical energy they promote. As an alternative, they earn a living by constructing infrastructure and charging their clients a premium for it via supply charges.
So, till the growing old central grid is absolutely up to date or Con Edison’s traders determine they don’t must make a revenue, it’s secure to count on future charge hikes.
Con Edison Charges Versus Photo voltaic
Whereas most owners attempt to cut back their power consumption with the intention to cut back their electrical energy invoice, rooftop photo voltaic lets you cut back the worth you pay for electrical energy – particularly in New York.
New York is dwelling to among the greatest photo voltaic incentives within the US. These embrace:
Internet metering
30% federal tax credit score
25% state tax credit score (as much as $5,000)
NYSERDA rebates value $200 per kW put in
Property and gross sales tax exemptions
Let’s say you utilize 750 kWh monthly and also you’re sick of your excessive Con Edison payments (particularly in the summertime). How a lot may you save by going photo voltaic?
With New York’s solar, you’d want a 9 kW photo voltaic system to offset your utilization (which you are able to do via web metering). If the gross worth of the system is $30,000, you should utilize federal and native incentives to convey the web value right down to $14,740.
Gross worth
$30,000
NYSERDA rebate
-$1,800
Contract worth
$28,200
30% federal tax credit score
-$8,460
25% NY tax credit score
-$5,000 (max incentive)
Internet value
$14,740
Right here’s how that compares to purchasing grid electrical energy from Con Edison with charges rising at a mean charge of 4% per 12 months.
By producing your personal electrical energy, you not solely exchange your erratic Con Edison payments with flat month-to-month funds for photo voltaic, you may considerably decrease your important electrical energy prices.
Con Edison charges FAQs
Did Con Edison elevate their charges?
Con Edison made the primary of three permitted electrical energy charge will increase in August 2023. This charge hike elevated the common residential electrical energy invoice by 9.1% or $14.44 monthly. Additional charge hikes are permitted for 2024 and 2025 to pay for infrastructure upgrades.
How a lot is electrical energy in NYC per kWh?
The typical value per kWh of electrical energy in New York Metropolis is 24 cents per kWh, in line with the US Bureau of Labor Statistics. Your precisely electrical energy charge will depend on your charge plan, season, and time of day.
What are peak hours for Con Ed NYC?
Peak hours for Con Edison’s Price III time-of-use plan are between 8 am and midnight from June to September. This plan additionally options Tremendous Peak hours between 2 and 6 pm on summer time weekdays.
In 2024, electrical energy supply costs can be 33 cents per kWh throughout Peak and Tremendous Peak hours. Supply costs are along with provide costs. In 2023, provide costs exceeded 80 cents per kWh throughout Tremendous Peak hours in New York Metropolis to convey the mixed electrical energy charge north of $1.10 cents per kWh.
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