Governor Kathy Hochul has announced a major energy affordability win for New Yorkers. <\/p>\n
New York residents will receive $151 million in energy bill savings in 2026 through the state\u2019s Zero-Emissions Credits program, which stem from federal nuclear production tax credits.<\/p>\n
\u201cMy top priorities are energy affordability for New York consumers and making sure the lights stay on,\u201d Hochul said in a statement. \u201cThe Zero Emission Tax Credit program is a prime example of how the state was able to take a federal tax credit and turn it into needed energy savings for ratepayers while at the same time supporting clean and reliable electricity generation in the state.\u201d<\/p>\n
The New York State Public Service Commission established the ZEC program in 2016, which compensates four Upstate nuclear plants for their zero-emissions power generation. Under program rules, benefits from the federal nuclear production tax credit enacted in 2022 must be passed along to consumers. This means that instead of staying with energy producers, the federal credits will directly reduce electricity costs for New Yorkers.<\/p>\n
New York State Public Service Commission Chair Rory M. Christian explained the program was designed with flexibility to ensure it can be used to lower costs while continuing to support clean and reliable electricity generation. \u201cWhen the Commission initiated the ZEC program, it recognized that the program could be adjusted in the future if the federal government later provided financial support for nuclear power facilities,\u201d Christian said. \u201cToday, we are seeing this in action through the nuclear production tax credit.\u201d<\/p>\n
The announcement adds to several affordability measures implemented by the current administration, including an Enhanced Energy Affordability Policy and redirecting $360 million in funding to offset costs in energy efficiency programs.<\/p>\n
Other initiatives include increasing funding for low-and moderate- income consumers in energy efficiency programs, securing millions of dollars from utility shareholders for ratepayers, and conducting management audits of utilities to ensure compensation is tied to improved performance and affordability.<\/p>\n
Officials say these initiatives are designed to reduce the cost of living, support economic growth, and protect vulnerable populations from energy insecurity.<\/p>\n
New York State Energy Research and Development Authority President Doreen M. Harris emphasized the importance of diverse energy resources: \u201cNew York utilizes a diverse set of resources, including its existing nuclear fleet, to support the state\u2019s continued energy security and ensure a clean, reliable and abundant energy system that is also affordable.\u201d <\/p>\n
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