The proposed NYS budget does nothing to ease the burden of rapidly rising energy cost to New Yorkers. In fact, the executive is doubling down.
Appropriations
- SFY 2026–27 Executive Budget proposes $90.4M, up $64.6M from prior year.
- $50M – Empower+ Program: Expands residential energy efficiency and electrification for LMI households.
- $5M – Mechanical Insulation Grants: Supports commercial/industrial energy savings.
Revenue Outlook
- Total revenues grow $2.22B → $2.74B by SFY 2026–27.
- Growth driven by RECs, RGGI proceeds, Bond Act funding, and electrification/storage programs.
Major Revenue Trends
- NYSERDA Budget & Revenue Outlook – Proposed NYS BudgetUtility Surcharges
- Building electrification reaches $190M.
- NY‑Sun increases to $372M.
- Energy storage funding quadruples.
- Market Development & R&D peaks at $364M.
- Clean Energy Credits
- ZECs decline as nuclear subsidies phase down.
- RECs rise to $436M with new renewable generation.
- Carbon Market
- Regional Greenhouse Gas Initiative (RGGI) revenues reach $514M.
Bottom Line
As NYS continues down the path of building electrification, renewable energy deployment, and rapid growth of energy storage, New York residents and businesses face further un-affordability.
With revenues approaching $2.75B, NYSERDA is positioned for major growth in electrification, renewables, and energy storage. Meanwhile the cost of electric energy continues to skyrocket. Revenues driving this are your tax dollars, utility rates, and energy credits.
Vote Dan Fusco for the NYS Assembly in November and I will work hard, for you, to correct this mess.
