Politics

Residential Utility Rate Stabilization Bill Caps Increases for Park Slope Households

Park Slope residents served by Con Edison stand to limit annual electricity and gas bill growth to 2 percent starting in 2027 under the new state measure.

By Park Slope Policy Desk · Published July 8, 2026

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The New York State Legislature passed the Residential Utility Rate Stabilization Bill on July 7, 2026. The measure directly limits yearly rate increases for residential electricity and natural gas customers to no more than 2 percent through 2029.

The legislation responds to documented rises in wholesale energy costs tracked by the state Public Service Commission. Commission data showed average residential bills in New York City rose 15 percent between 2024 and 2026, with Brooklyn zip codes including 11215 and 11217 recording the highest per-household increases.

Park Slope households will see the cap applied to Con Edison accounts beginning with January 2027 meter readings. Renters in pre-war buildings along 7th Avenue and owners of brownstones on Prospect Park West will receive the same percentage limit on base rates, independent of any separate delivery charges.

Projected Effects on Monthly Budgets

A two-person household using 400 kilowatt-hours of electricity and 50 therms of gas each month would face a maximum added cost of $3.80 per month in 2027, according to the bill's fiscal note prepared by the state Division of the Budget. Larger families or those with electric heating could see the same percentage cap applied to higher usage volumes.

The Division of the Budget projects the statewide measure will distribute $150 million in avoided costs across 1.2 million residential accounts. In Brooklyn Community District 6, which includes Park Slope, this translates to an estimated 28,400 accounts receiving the capped rates.

The bill now moves to the governor for signature, which must occur by July 15 under legislative rules. The Public Service Commission is required to issue implementing regulations by December 1, 2026, after which utilities will file revised rate schedules for the 2027 calendar year.

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