Con Edison Forecasts Summer Savings; $1.6 Billion Invested for Reliability

NEW YORK, NY -- (Marketwired) -- 05/26/16 -- Con Edison customers in New York City and Westchester County can expect slightly lower electric bills this summer compared to last year, and can save even more with energy efficiency upgrades in their homes and businesses. Supply prices for natural gas, which fuels most electric power plants serving the New York region, have remained low and will lead to lower summer bills this year.

A typical New York City residential customer using 350 kilowatt hours (kWh) per month can expect a 2.4 percent drop from $98.80 in 2015 to $96.47 this year. A typical Westchester residential customer using 500 kWh per month can expect an average decrease of 2.3 percent from $125.38 in 2015 to $122.51. A typical New York City business customer using 10,800 kWh and having a peak demand of 31 kW, can expect average monthly summer bills to decrease from $2,350 in 2015 to $2,264 this year, or 3.7 percent. 

The stable supply prices are an added benefit for customers who have made energy efficiency upgrades. Since 2009, Con Edison has paid $250 million to 255,000 customers who have upgraded their lighting, heating and cooling systems, appliances and other equipment. Those customer upgrades prevent the emission of 635,000 tons of carbon into the air annually. In terms of greenhouse gas emissions, that's the equivalent of taking more than 120,000 cars off the road.

"Our conservation reminders and our customers' embrace of energy efficiency and solar energy are paying off," said Craig Ivey, president of Con Edison. "Customers have upgraded their lighting, HVAC systems, appliances and heavy industrial equipment to save money and energy. Technology is making it possible for us to give customers more of the clean energy and energy usage options they want and we are determined to deliver."

Energy efficiency and solar projects at homes and businesses reduce the load on Con Edison's electric distribution system when the demand for electricity is high. In fact, the company projects that peak demand for electricity this summer will top out at 13,650 megawatts (MW). That's 125 MW less than last summer's projection of 13,775 MW. The record for usage -- 13,322 MW -- was set at 5 p.m. on July 19, 2013.

Energy efficiency upgrades have reduced the peak demand on Con Edison's grid by an estimated 184 MW. Approximately 8,700 customers in Con Edison's service area have installed rooftop solar panels, generating over 110 MW of electricity.

Ready for Summer: Warm & Dry Forecast

Con Edison has invested $1.6 billion to prepare its underground and overhead electric delivery systems for this summer and beyond.

The enhancements include the installation of 12 network transformers; 70 overhead transformers; 16 underground feeder sections connecting manhole structures and transformer vaults; 37overhead sections of power lines, and reinforcement of 25 electric feeders. Con Edison engineers also created a new underground electric network to help meet growing energy needs on the west side of midtown Manhattan, particularly with the development of massive Hudson Yards residential and commercial complex. In addition, the company is completing a $1 billion, 4-year storm hardening plan to protect infrastructure and customers from the impact of major storms, like hurricanes.

Con Edison meteorologists also predict a dry and warmer than normal summer, similar to last year. Click here to learn more.

Conserve, Stay Cool and Save

Con Edison offers programs to help customers save energy and money during the summer months. To find out which programs are right for you, visit coned.com/energyefficiency/ or call 1-877-870-6118.

Customers who cool their homes with central air conditioning can get an $85 rebate for certain energy-saving smart thermostats, under the "Bring Your Own Thermostat" program. Con Edison customers with central air conditioning also have the option of a free smart thermostat, with installation to control their A/C systems remotely. The package has a value of $400. Each customer will also get a $25 thank you gift. Learn more at: Free Smart Thermostat.

Con Edison will also pay $30 to residential customers who purchase a new ENERGY STAR room air conditioner. Replacing an older room air conditioner with a new, more energy-efficient unit can reduce electricity usage by about 15 percent. For more information, visit Room AC Rebate.

Customers who cool their homes with room air conditioners can take advantage of a free smartAC kit that enables remote monitoring and control for those units. Each customer will also receive rewards for participating in the program. Customers can also enroll their eligible Wi-Fi enabled room air conditioner and can earn incentives and rewards for participation. Learn more at Smart AC. Con Edison residential customers who replace room air conditioners with ductless mini-split systems are also eligible to receive rebates. Learn more at coned.com/HVAC. 

Con Edison is a subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation's largest investor-owned energy companies, with approximately $13 billion in annual revenues and $46 billion in assets. The utility provides electric, gas and steam service to more than three million customers in New York City and Westchester County, New York. For additional financial, operations and customer service information, visit us on the Web at conEd.com, at our green site, conEd.com/waystosave, or find us on Facebook at Con Edison.

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    Contact: Media Relations212-460-4111

Source: Con Edison, Inc.

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