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Initial Cost Estimates for New York’s Climate Law Reach $44 Billion; Utility Bills Could Soar

September 6, 2023 Last Edit: June 5, 2025

Initial Cost Estimates for New York’s Climate Law Reach $44 Billion; Utility Bills Could Soar

In an initial report released by the New York State Department of Public Service, the agency estimates that implementing New York’s ambitious climate law, the Climate Leadership and Community Protection Act, will cost at least $44 billion. The Climate Leadership and Community Protection Act (CLCPA), which passed in 2019, requires New York state to meet extremely aggressive clean energy targets, including 70% of New York’s energy coming from renewable sources by 2030, and zero emissions by 2040. Additionally, the State must cut greenhouse gas emissions by 85% by 2050. Unfortunately, this plan has ignored the cost to New Yorkers, the state, and local economies, and never included a candid cost-benefit analysis of reliability, sustainability, and most importantly affordability. According to a recent report from the New York State Energy Research and Development Agency (NYSERDA), this plan could raise electricity costs up to 64%. To reach CPCLA lofty goals, New York will have to largely “electrify”, and consumers are now starting to see the cost to New Yorkers, many who are already struggling financially and economically. New Yorkers have mostly remained in the dark about the cost and consequences of the CLCPA but have a right to know before they are forced to pick up the bill. NFIB continues to actively lobby for creating and maintaining an energy system that is both affordable and reliable and will remain staunchly opposed to any increased costs for small businesses.

Topics:

Taxes

State:

New York

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Initial Cost Estimates for New York’s Climate Law Reach $44 Billion; Utility Bills Could Soar

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