PSEG Long Island customers are facing a significant rate hike in 2024, with the Long Island Power Authority (LIPA) board approving an 11.6% increase in the utility’s budget. This means that the average monthly electric bill for residential customers will rise by approximately $20, from $173 to $193.

The 2024 Rate Hike and Its Impact

• PSEG Long Island, the utility company serving Long Island and the Rockaways, has received approval for an 11.6% rate increase in 2024.
• This rate hike is expected to result in an average monthly bill increase of around $20 for residential customers.
• As of January 1, 2024, Rate 194, TOD Off-Peak, will be the standard residential electric rate for most new accounts, with existing Rate 180 customers being transitioned to the new rate by the end of 2025.

Factors Driving the Rate Increase

• A significant portion of the rate hike is attributed to infrastructure investments made by PSEG Long Island to improve the reliability and resilience of the electric grid.
• The transition towards cleaner energy sources, such as renewable energy and energy efficiency programs, also contributes to the increased costs.
• PSEG Long Island will conduct extensive outreach to customers before they are transitioned to the new Time-of-Day (TOD) rate.

How Solar Can Help Mitigate the Impact

• Going solar can significantly offset the impact of rising electricity costs, with potential savings of up to 50% on monthly bills.
• Homeowners who install solar panels can take advantage of federal tax credits and state incentives, further reducing the upfront costs.
• Solar panels are typically warrantied for 25 years, but their useful life can be much longer, leading to significant long-term savings.

The Path to Solar Savings

• Patriot Energy Solutions, a full-service home energy solution company, provides high-quality solar installations and energy assessments for homeowners in Long Island and New York City.
• Their four-step process includes a consultation, system design, installation, and guidance on financial options and incentives.
• By embracing solar energy, homeowners can not only save money but also contribute to a more sustainable future for Long Island and the Rockaways.

As electricity rates continue to rise, more and more homeowners are turning to solar energy as a way to reduce their monthly bills and protect themselves from future rate hikes. With the help of experienced solar installation companies like Patriot Energy Solutions, making the switch to clean, renewable energy has never been easier or more affordable.