We will all have to pay for electricity at some point. And, while it’s simple to set utility payments on autopilot, it’s significant to know the amount you’re paying for strength so you can look for techniques to reduce it.

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The main power supplier, Con Edison, serves around 3.6 million New York consumers through electricity tariffs that combine energy-conducted supply and delivery charges. The fees determine the cost of your energy use while defining the transmission process between power generation and your residence.

So, to help you understand what you’re paying for power (and how to reduce it), we’re looking at Con Edison electricity rates for 2024.
Let us begin with a look at Con Edison’s current residential pricing.

How Much Would Con Edison Bill Per Kwh In 2024?

As of February 2024, Con Edison’s usual household power tariff is slightly higher than 24 cents per kilowatt-hour. This Rate is the sum of Con Edison’s current delivery costs (14.1 cents per kWh) plus supplier charges (10.3 cents per kWh). Con Edison, on the flip side, offers an array of rate plans, each with its own set of charges varying according to the season, time of day, and monthly use.

Con Edison Rates Are A Combination Of Two Factors:

  • Supply Charges: The price of the power you use
  • Delivery charges: The cost of delivering electricity to your house

Con Edison splits coned supply and delivery charges on their bills, as seen above. To get your total monthly expense per kWh of power, add the two rates.

What Is New York’s Typical Power Bill?

Residential Con Edison customers in New York pay a typical monthly power usage fee of around $170. This estimates an average monthly usage of 600 kWh at 24 cents per kWh, a $18 basic service price, taxes, and surcharges.

Of course, your power cost will vary considerably based on your monthly use and rate plan. Next, we will look at Con Edison’s home rate plans.

Con Edison rate plans for 2024

Residential users can choose to pay standard or time-of-use (TOU) charges.

  • EL1 - Rate I is the regular rate plan for homeowners.
  • EL1 - Rate II is a TOU plan for subscribers who willingly subscribed before March 2014.
  • EL1 - Rate III - A TOU plan for clients that willingly enrolled after March 2014.

Let’s examine each one more closely.

Con Edison Standard Rates: EL1 (Rate I)

The Rate I plan is Con Edison’s default choice for residential users, with a monthly standard price of $18. In this plan, delivery rates remain constant for most of the year but increase in the summer when you exceed 250 kWh of usage in a month.

Usage

Delivery charge

Supply charge (2023 annual average)

Combined Rate

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 other usage

14.1 cents per kWh

8.1 cents per kWh

22.2 cents per kWh

During a typical New York monthly period, residential customers use about 600 kWh of electrical energy. Owners who maintain air conditioner operation during summer months will exceed the 250 kWh mark.

Con Edison TOU Rates: EL1 Rates II

Energy customers using the Rates II plan experience cost fluctuations during their day with defined peak and off-peak consumption periods. The plan includes a $18 baseline service fee for Con Edison customers who participate voluntarily prior to March 1, 2014.

Months

Hours

Peak or Off-Peak?

Delivery charge

June-September

Weekdays, 10 am to 10 pm

Peak

56.90 cents per kWh

June-September

All other hours + holidays

Off-Peak

2.18 cents per kWh

October-May

Weekdays 10 am to 10 pm

Peak

20.64 cents per kWh

October-May

All other hours + holidays

Off-Peak

2.18 cents per kWh

Again, these are just shipping charges. Supply charges also vary depending on peak and off-peak hours. In 2023, peak supply prices finished at 13 cents per kWh in the summer, bringing the total Rate for this plan above 70 cents per kWh!

Con Edison TOU Rates: EL1 – Rates III

Rates III is Con Edison’s (relatively) new TOU plan for homeowners that opt-in on or after March 1, 2014. As of January 1, 2024, this plan’s based cost for service is $19 per month, with delivery charges ranging from 2.33 cents to 33.05 cents per kWh.

Rates III has distinct peak and off-peak windows than Rates II. The peak delivery fee rates for this plan are between 8 am and midnight every day of the week, as stated below.

Months

Hours

Peak or Off-Peak?

Delivery charge

June-September

Every day, 8 am to midnight

Peak

33.05 cents per kWh

June-September

2 to 6 pm

Super-Peak

33.05 + higher supply chargers

June-September

All other hours

Off-Peak

2.33 cents per kWh

October-May

Every day, 8 am to midnight

Peak

12.23 cents per kWh

October-May

All other hours

Off-Peak

2.33 cents per kWh

Remember, these are just transporting charges! Supply costs will increase your total Rate by 5-12 cents per kWh depending on the time of year, with significantly more in the summer.

This is because this plan also includes a Super-peak window from 2 to 6 pm on summer weekdays. During these Super-peak hours in 2023, supply costs for this plan were over 30 cents per kWh in the suburbs and came to 80 cents per kWh in New York City.

This means that if you live in the city, you could be taxed more than $1.10 per kWh between 2 and 6 pm on summer weekdays!

Is Con Edison Increasing Rates In 2024?

The utility company Con Edison received regulatory approval to raise energy prices for 2024 and 2025. State agencies authorized official rate increases for 2023, 2024, and 2025 during July 2023.

For a home that uses 600 kWh per month, the rise is estimated to boost the average monthly strength bill by $24.

Approved Con Edison Rate Hikes for 2023-2025

Year

Electric bill increase (%)

Electric bill increase ($)

2023

9.1%

$14.44

2024

4.2%

$7.20

2025

1.4%

$2.43

So, if your average bill was $170 before the 2023 hike, you can expect it to climb to $194 in 2025.

Since 2014, the base delivery fee for the Rate You plan has increased from 9 to 14 cents per kWh, leading to an average annual increase of 4%, slightly higher than the national average of 3%. If your average bill was $170 before the 2023 hike, it will rise to $194 in 2025.

Con Edison Rates vs. Solar

While most homeowners aim to cut their energy use in order to reduce their electric bill, solar power from the roof allows you to do just that - especially in New York.

New York has some of the most powerful solar incentives in the whole of the USA. It includes:

  • Net metering
  • 30 percent federal tax credit.
  • 25% state tax credit (up to $5,000).
  • NYSERDA rewards valued at $200 per kW installed
  • Property and sales tax exemptions

Imagine you use 750 kWh per month and get tired of your excessive Con Edison bills (especially during the summer). How much can you spend by going solar?

To balance your energy use with New York’s sun, you’d need a 9 kW solar system (which could be achieved with net metering). If the system’s gross price is $30,000, you can use federal and local aid to bring down the net cost to $14,740.

Gross price

$30,000

NYSERDA rebate

-$1,800

Contract price

$28,200

30% federal tax credit

-$8,460

25% NY tax credit

-$5,000 (max incentive)

Net cost

$14,740

Con Edison’s coned supply and delivery charges may be high in 2024, with supply taxes topping 80 cents per kWh during New York City’s Super Peak hours. This increases the overall power tariff to more than $1.10 per kWh during peak demand periods.

Get A Free Solar Quote

With New York’s strong solar incentives, like net metering and tax credits, you could lower installation costs and save money on your energy bills over time. A correctly scaled solar system can regulate your energy use while shielding you from increasing utility costs, providing both financial and environmental advantages.