New York City Electricity Rates: Compare Prices Fast
New York City (NYC) is the biggest city in the United States, with a population of 8.3 million. The entire New York state mainly depends on nuclear power and hydroelectricity and is aiming to be carbon-free by 2040. Energy deregulation in the state has allowed all New York City residents to choose their energy plans. All customers can save on energy by comparing New York City electricity rates and finding the best electricity plan for them.
General Information on New York City Electricity Rates
While some companies still use natural gas and oil for electricity generation, most companies in New York now focus on nuclear power or renewable energy. However, green energy plans tend to have a higher per kilowatt-hour (kWh) rate.
For all New York City residents, your electricity bill is divided into two categories – supply and delivery services.
The supplier services are provided by electricity supply companies that generate your electricity. The supply charge depends on the cost of electricity production, and that depends on the method of electricity generation.
Each Energy Service Company (ESCO) offers different electric plans and rates; you can learn more about individual supply charges on the EIA (Energy Information Administration) website. However, the primary charges consist of the cost of electricity, overhead costs, and cancellation fees, among other things.
Your local utility company provides electric delivery services. The utility companies deliver your electricity, maintain power lines, and manage power outages. New York State electric utility companies include Con Edison, NYSEG, National Grid, Orange & Rockland, and Central Hudson.
Your delivery charge includes distribution charges, cost of transferring electricity, and other charges set forth by the New York State Public Service Commission (PSC).
The New York City (and Westchester County) utility company is Consolidated Edison (Con Ed).
You can learn more about New York electricity rates and tariffs here.
Energy Deregulation and How It Affects New York City Electricity Rates
Energy deregulation in New York allows all business and residential customers to choose their electric supply company. New Yorkers can choose among various energy plans offering various energy rates.
Due to increasing competition in the energy market, some companies offer electric rates below the national average. However, energy supply companies that offer green energy plans tend to have higher electricity prices.
If you don’t choose an energy service company, you will receive the basic rate from Con Edison. The basic rate is also your Price to Compare, and it’s regulated and approved by the Public Service Commission.
You can use the base rate to compare the plans and rates offered by other companies and opt for the best rate for you.
Finding the Best New York City Electricity Rates
All New York City residents can choose among several energy service companies. Some companies offer low rates, while others offer average prices along with benefits.
In any case, you can compare each ESCO’s plans and rates to make an informed decision. You can search and try to shop for rates yourself, but watch out for the fine print, hidden fees, and escalating rates once your term ends.
Alternatively, you can use Arbor’s free TrueRate Protection service to automatically find and switch to the best New York City electricity rates in your area.
Arbor scans the market and gives you the best rates you can get in your service area. When your contract term is expiring, Arbor finds the best rate and switches you again. You always pay the best rate and never have to worry about overpaying for electricity ever again.
You can also use the free savings calculator to find out how much you could save in each case.
Understanding New York City Electricity Rates and Plans
Every energy service company in New York City offers energy plans with varying rates and term lengths. Different term lengths can be 3, 6, 9, and 12-month electricity plans. Furthermore, some ESCOs also offer benefits along with their plans.
The process of changing your ESCO is straightforward; get a copy of your electric bill to check your current ESCO and rate. You can use Arbor to find the best rate in your area and switch to the lowest cost supplier quickly to save time.
You can use Arbor to find the best rate in your area by using our free savings calculator.
Furthermore, you will find different types of plans depending on the ESCO. These are the four plan options you’ll find in New York City.
- Fixed-Rate Plans: With such plans, you have to pay the same kWh rate throughout your plan length. We recommend fixed-rate plans because they provide price certainty and minimize risk. But be careful: when your term expires, your rate becomes variable and can go up without notice. Arbor automatically keeps you on the best fixed-rate plan, so you don’t have to worry about rate hikes at the end of your term.
- Variable-Rate Plans: Such plans tend to have fluctuating energy rates; the rates depend on the energy prices in the wholesale electricity market. While you may be paying less when demand is low, you may end up overpaying during high demand seasons.
- Green Energy Plans: Green energy plans reduce your carbon footprint and increase energy efficiency as your ESCO sources all your energy from renewable sources.
- Prepaid Plans: You can pay for your electricity beforehand to avoid credit checks and deposits.
- Renewable Energy Credits: RECs are for people who want to source some of their electricity from renewable energy sources.
Some plans may ask you for a deposit. However, plans available through Arbor never require a deposit.
How to Choose the Right Energy Supplier
All New Yorkers get their electricity delivered by Con Edison; however, they can choose from various energy service companies. You can use the Price to Compare or your current rate to see what ESCO is offering the best plan.
You can check what plan offers the best savings and benefits.
You can also check out how you can save on your energy bill with Consolidated Edison. But electricity is complicated, which is why people trust Arbor to manage their electricity service for them, so they always pay the best electricity rate available in New York City.