New York Offers Largest Utility Customer Financial Assistance Program in State History

by BoroPark24 Staff

A new program for dept-forgiveness, the Utility Customer Financial Assistance, was approved today by the New York State Public Service Commission (PSC).

Today's announcement is the largest utility customer financial assistance program in State history.

The one-time credit will provide financial relief to customers and help avoid huge statewide termination of service, making utility bills more affordable for all households and small businesses. It will allow for 478,000 residential customers and 56,000 small businesses in New York State to receive assistance totaling $672 million to pay off unaffordable past-due utility bills. 

An additional $200 million in relief for high electric bills was also announced. It will provide a discount to more than 800,000 New Yorkers making under $75,000 who have not been eligible for the State's current utility discount program in a new initiative that is separate from today's $672 million announcement. 

The financial cost to New Yorkers of adopting the arrears relief program is less than the estimated $1 billion to $1.3 billion cost of inaction, and it will also potentially avoid a significant amount of downgrading of customers' credit. 

The relief program will successfully avert potential service terminations for more than 478,000 residential and 56,000 small commercial customers and help avoid bankruptcies for many small businesses. 

Photo Credit: Flickr