New York state will forgive $672 million worth of unpaid gas and electric utility bills from the Covid-19 era for about half a million consumers.
New York To forgive $672 Million Worth Of Unpaid Gas And Electric Utility Bills
Governor Kathy Hochul will forgive $672 million worth of unpaid gas and electric utility bills from the pandemic era for about 534,000 New Yorker customers. According to Gov. Hochul’s Office, last week during the governor State of the State address that the largest utility customer financial assistance program in state history and follows a series of policies will address energy affordability and emissions reductions.
The pandemic-era relief is anticipated to prevent possible terminations for more than 478,000 residential customers and about 56,000 small businesses, while avoiding significant downgrades to their credit, the office of Governor Kathy Hochul said in a statement.
The debt-forgiveness program by the New York State Public Service Commission (PSC) will offer a one-time credit to all residents in New York who are non-low-income customers and small-commercial customers for any utility arrears through May 1, 2022. Utilities provided a record $101 million in this round of pandemic debt relief, after contributing a $36 million similar to a $567 million program last year in June to aid low-income consumers pay off past electric and gas bills.
Hochaul’s Pilot Program
Hochul also launched a pilot program that ensures its low-income participants will not pay over 6 percent of their income on electricity and set aside an additional $200 million in discounts on electric bills for over 800,000 New York state residents who earn less than $75,000 and who are ineligible under the current discount program.
Last week, Hochul said during the 2023 State of the State address that New York will implement a program that imposes an annual cap on pollution throughout its economy to lower emissions while seeking to bring in more than $1 billion a year.