Con Edison Electric Rates in 2024: Plans, Rate Hikes, and Lowering Your Bill |

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Con Edison Electric Rates in 2024: Plans, Rate Hikes, and Lowering Your Bill

Electricity is something we’re all going to pay for – one way or another – throughout our lives. And while it’s easy to put utility payments on auto-pilot, it’s worth knowing the price you’re paying for electricity so you can consider ways to lower it.

For around 3.6 million New Yorkers, the price of electricity is set by Con Edison – the state’s largest electricity provider.

So, to help you understand the price you’re paying for electricity (and how to lower it), we’re taking a look at Con Edison electricity rates in 2024.

In this article, we’ll cover:

Let’s begin with a look at Con Edison current rates for residential customers.

How much does Con Edison charge per kWh in 2024?

As of February 2024, Con Edison’s standard residential electricity rate is just over 24 cents per kilowatt-hour (kWh). This rate is a combination of Con Edison’s current delivery charges (14.1 cents per kWh) and supply charges (10.3 cents per kWh). However, Con Edison has several rate plans, each with unique rates that can vary by season, time of day, and your monthly usage.

Con Edison rates are a combination of two things:

  • Supply charges: The cost of the electricity you use
  • Delivery charges: The cost of getting that electricity to your home

Con Edison separates supply and delivery charges on their bills, as shown below. To find your total cost per kWh of electricity for the month, simply add the two rates together.

ConEdison delivery and supply chargers

What’s the average electricity bill in New York?

The average electricity bill for residential Con Edison customers in New York is around $170 per month. This is based on an average usage of 600 kWh per month at 24 cents per kWh, an $18 basic service charge, taxes, and surcharges.

Of course, electricity bills quite a bit based on your consumption for the month and your rate plan. Next, we’ll take a look at the residential rate plans offered by Con Edison.

Con Edison rate plans in 2024

Con Edison offers both standard and time-of-use (TOU) rates to residential customers.

  • EL1 – Rate I – The standard rate plan for residential customers
  • EL1 – Rate II – A TOU plan for customers who voluntarily enrolled before March 2014
  • EL1 – Rate III – A TOU plan for customers who voluntarily enroll(ed) after March 2014

Let’s take a closer look at each one…

Con Edison Standard Rates: EL1 – Rate I

The Rate I plan is the default option for residential Con Edison customers and comes with an $18 monthly basic service charge. In this plan, delivery charges are the same for most of the year, but jump in the summer when you exceed 250 kWh of usage in a month.

ConEdison Standard Rates 2024

Remember: These are only delivery charges. Your total electricity rate also includes supply charges, which averaged around 8 cents per kWh throughout the year in 2023.

Usage Delivery charge Supply charge (2023 annual average) Combined rate
First 250 kWh (June-Sept) 14.1 cents per kWh 8.1 cents per kWh 22.2 cents per kWh
Over 250 kWh (June-Sept) 16.2 cents per kWh 8.1 cents per kWh 24.3 cents per kWh
All other usage 14.1 cents per kWh 8.1 cents per kWh 22.2 cents per kWh

It’s also worth noting that the average household in New York uses ~600 kWh of electricity per month. So, you can expect to surpass the 250 kWh threshold in the summer when you’re running your air conditioner.

Con Edison TOU Rates: EL1 – Rates II

The Rates II plan is a time-of-use plan, which means the cost of electricity varies based on “Peak” and “Off-Peak” periods throughout the day. This plan has an $18 per month basic service charge and is only available to Con Edison customers who voluntarily opted into it before March 1, 2014.

Beginning January 1, 2024 delivery charges for the Rates II plan are as follows:

Months Hours Peak or Off-Peak? Delivery charge
June-September Weekdays, 10 am to 10 pm Peak 56.90 cents per kWh
June-September All other hours + holidays Off-Peak 2.18 cents per kWh
October-May Weekdays 10 am to 10 pm Peak 20.64 cents per kWh
October-May All other hours + holidays Off-Peak 2.18 cents per kWh

Con Edison R2 TOU rates

Again, these are only delivery charges. Supply charges also vary based on Peak and Off-Peak periods. In 2023, Peak supply charges exceeded 13 cents per kWh in the summer, pushing the combined rate for this plan north of 70 cents per kWh!

Con Edison TOU Rates: EL1 – Rates III

Rates III is Con Edison’s (relatively) new TOU plan for residential customers that voluntarily opt-in on or after March 1, 2014. As of January 1, 2024 this plan has a basic service charge of $19 per month and delivery charges ranging from 2.33 cents to 33.05 cents per kWh.

Rates III also has different Peak and Off-Peak windows than Rates II. Peak delivery charge rates in this plan are between 8 am and midnight every day of the week, as shown below.

Months Hours Peak or Off-Peak? Delivery charge
June-September Every day, 8 am to midnight Peak 33.05 cents per kWh
June-September 2 to 6 pm Super-Peak 33.05 + higher supply chargers
June-September All other hours Off-Peak 2.33 cents per kWh
October-May Every day, 8 am to midnight Peak 12.23 cents per kWh
October-May All other hours Off-Peak 2.33 cents per kWh

ConEdison R3 TOU rates

Remember: These are only delivery charges! Supply charges are going to push your combined rate up by 5-12 cents per kWh depending on the time of year – and much more in the summer.

That’s because this plan also includes a Super-peak window from 2-6 pm on summer weekdays. During these Super-peak periods in 2023, supply charges for this plan were north of 30 cents per kWh in the suburbs, and exceeded 80 cents per kWh in New York City.

That means if you live in the city you could be charged over $1.10 per kWh between 2-6 pm on summer weekdays!



Is Con Edison Raising Rates in 2024?

Yes, Con Edison has been approved to raise electricity rates in 2024 and 2025. In July 2023, state regulators approved rate hikes for 2023, 2024, and 2025.

For a household using 600 kWh per month, these hikes are expected to raise the average monthly electricity bill by $24 per month.

Approved Con Edison Rate Hikes for 2023-2025

Year Electric bill increase (%) Electric bill increase ($)
2023 9.1% $14.44
2024 4.2% $7.20
2025 1.4% $2.43

So, if your average bill was $170 before the 2023 hike, you can expect it to climb to $194 in 2025.

The rate hikes in 2023-2025 are on par with the last 10 years. Since 2014, the base delivery charge for the Rate I plan has increased from 9 to 14 cents per kWh. That’s an average of 4% per year, which is slightly higher than the national average of 3% per year.

ConEd rates 2014-2024

And these annual rate hikes are to be expected. As a monopoly, regulated utilities like Con Edison legally can’t profit from of the electricity they sell. Instead, they make money by building infrastructure and charging their customers a premium for it through delivery rates.

So, until the aging central grid is fully updated or Con Edison’s investors decide they don’t need to make a profit, it’s safe to expect future rate hikes.

Con Edison Rates Versus Solar

While most homeowners try to reduce their energy consumption in order to reduce their electricity bill, rooftop solar allows you to reduce the price you pay for electricity – especially in New York.

New York is home to some of the best solar incentives in the US. These include:

  • Net metering
  • 30% federal tax credit
  • 25% state tax credit (up to $5,000)
  • NYSERDA rebates worth $200 per kW installed
  • Property and sales tax exemptions

Let’s say you use 750 kWh per month and you’re sick of your high Con Edison bills (especially in the summer). How much could you save by going solar?

With New York’s sun, you’d need a 9 kW solar system to offset your usage (which you can do through net metering). If the gross price of the system is $30,000, you can use federal and local incentives to bring the net cost down to $14,740.

Gross price $30,000
NYSERDA rebate -$1,800
Contract price $28,200
30% federal tax credit -$8,460
25% NY tax credit -$5,000 (max incentive)
Net cost $14,740

Here’s how that compares to buying grid electricity from Con Edison with rates rising at an average rate of 4% per year.

solar vs grid Con Edison

By generating your own electricity, you not only replace your erratic Con Edison bills with flat monthly payments for solar, you can substantially lower your essential electricity costs.



Con Edison rates FAQs

Did Con Edison raise their rates?

Con Edison made the first of three approved electricity rate increases in August 2023. This rate hike increased the average residential electricity bill by 9.1% or $14.44 per month. Further rate hikes are approved for 2024 and 2025 to pay for infrastructure upgrades.

How much is electricity in NYC per kWh?

The average cost per kWh of electricity in New York City is 24 cents per kWh, according to the US Bureau of Labor Statistics. Your exactly electricity rate depends on your rate plan, season, and time of day.

What are peak hours for Con Ed NYC?

Peak hours for Con Edison’s Rate III time-of-use plan are between 8 am and midnight from June to September. This plan also features Super Peak hours between 2 and 6 pm on summer weekdays.

In 2024, electricity delivery charges will be 33 cents per kWh during Peak and Super Peak hours. Delivery charges are in addition to supply charges. In 2023, supply charges exceeded 80 cents per kWh during Super Peak hours in New York City to bring the combined electricity rate north of $1.10 cents per kWh.


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