New York residential electricity prices have increased 58% since 2019 when the state’s climate law was passed. The national average increase over the same period is 36%. On March 20, 2026, Governor Hochul admitted that her proposed changes to the Climate Leadership and Community Protection Act (CLCPA) will not reduce the utility bills New Yorkers are paying today. This Daily Tesla News episode breaks down what that means for Staten Island and Brooklyn homeowners.
Watch on YouTube: https://youtube.com/shorts/JzKrFA7NPuo
Daily Tesla News is your daily dose of NYC real estate and policy news that actually matters. Covering Staten Island and Brooklyn markets, energy policy, and homeowner tips.
Brought to you by Joseph Ranola, 65+ 5-star Google reviewed real estate agent covering Staten Island and Brooklyn.
Why Hochul’s Energy Plan Is a Real Estate Issue — Not Just a Utility Issue
In today’s Daily Tesla News, Joseph breaks down a significant admission from Governor Hochul: her administration’s energy transition plan will not lower utility bills for New York households — and may raise them for years before any savings materialize. For Staten Island and Brooklyn homeowners, this isn’t just a political story. Rising energy costs directly affect homeownership affordability, property values, and the cost calculus for buyers and sellers in 2026.
What Hochul Actually Said
The governor acknowledged that New York’s aggressive push toward renewable energy — including offshore wind mandates and the phase-out of gas appliances in new construction — will require significant infrastructure investment. That investment cost will be passed through to ratepayers via utility bills. Con Edison and other utility providers have already filed for multiple rate increases, with the average NYC household expected to see electric bills rise 15–30% over the next five years.
What This Means if You’re Buying a Home in 2026
Rising utility costs need to factor into your total cost of homeownership calculation. When budgeting for a Staten Island or Brooklyn home purchase, Joseph always recommends accounting for: current utility bills for the specific property, whether the home has gas or all-electric systems, insulation quality and age of HVAC systems, and whether solar panels or battery storage could offset future increases. A home that looks affordable at today’s mortgage rates may become less comfortable if energy costs spike significantly.
The Seller Side: Disclosures Matter More Now
If you’re selling a Staten Island or Brooklyn home in 2026, buyers are increasingly asking for utility cost disclosures and energy efficiency information. Homes with newer insulation, efficient HVAC systems, or solar installations are becoming easier to sell and may command premium prices as energy cost awareness grows. Want to talk about how to position your home’s energy profile before listing? Contact Joseph here.
