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NEW YORK GOVERNOR HOCHUL’S FY 2025 EXECUTIVE BUDGET FAVORS ELECTRICITY

Written on: January 30, 2024

Last year, the New York budget for fiscal year (FY) 2023-2024 included a provision to prohibit the installation of fossil fuel equipment in most newly constructed buildings, thereby preventing consumers from accessing their preferred energy sources and appliances. (Please note that both NPGA and NYPGA are plaintiffs in a federal lawsuit that seeks to invalidate this law.)

Recently, Governor Hochul released New York’s FY 2025 Executive Budget, which details her spending and budgetary priorities for the upcoming fiscal year. The Governor continues to seek funding for various electrification efforts, including the following:

Money to electrify an additional 50,000 homes (as part of a larger state plan to electrify 1 million homes, and make another 1 million ready for whole house electrification efforts);
$50 million to subsidize energy costs to ensure customers who fully electrify their homes do not spend more than 6% of their income on their electric bills; and
$20 million for transit bus electrification initiatives.

Bill Overbaugh, Executive Director of the New York Propane Gas Association (NYPGA), has been examining the Governor’s proposed spending priorities. “Following the anti-gas provisions that were included in last year’s budget, NYPGA will continue to engage with the Governor’s office and the Legislature on spending priorities and energy provisions that will be included in the finalized FY 2025 Budget,” Overbaugh said. “New Yorkers are best served through choice and competition in the energy sector, and we’ll continue to push for that in Albany.”

If you’re interested to learn more about the important role that propane plays in New York State, as well as the overlooked costs associated with statewide electrification efforts, you can access the Cold Reality report published by The Empire Center here. For more information, contact NPGA’s Director of State Affairs, Jacob Peterson at jpeterson@npga.org.