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Worried About the Cost of Electricity in New York City? Save Money with These Energy-Conserving Tips

In March 2023, the cost of electricity in New York City was an average of $0.21, less than the national average of $0.23. Despite the difference, New Yorkers spent more on average year-over-year on annual energy costs, 14% higher than the national average.

NYC’s demand on the grid is part of the reason for new legislation and initiatives promoting and demanding energy-efficient compliance. Here are several ways to reduce your property’s electricity costs.

How To Reduce the Cost of Electricity in New York City

Heating and Cooling

According to the U.S. Department of Energy, heating and cooling systems are responsible for over 50% of a property’s energy costs. Well-maintained and energy-efficient systems can go a long way toward reducing electrical costs and demands. Still, HVAC systems require routine and professional maintenance, from changing air filters to deep cleaning vents, to sustain Energy Star ratings.

Building owners can reduce heating and cooling costs by improving property design and integrating smart technology. Improving or increasing building insulation can reduce utility costs by roughly 15%, according to estimates from the Environmental Protection Agency. Installing programmable or smart thermostats can allow for enhanced control over HVAC systems.

Ceiling fan installations can also help regulate the temperature throughout a property. A clockwise rotation helps push hot air back to the floor, and a counterclockwise rotation helps circulate cool air. With ceiling fans, you can raise or lower your thermostat settings — depending on the season — by 4°F without noticing a temperature difference, saving roughly 4% to 6% on heating or cooling costs.

Window attachments or coverings may reduce the cost of electricity in New York City. The DOE states that a property loses 30% of its heating energy through windows. In cooling seasons, over 70% of the sunlight falling on double-pane windows enters a property, becoming heat. For a minimal expense, simple blinds or curtains can reduce the dependence on HVAC systems; programmable shades are more expensive but allow for some automation.

Lighting

Incandescent, fluorescent, and halogen lighting are expensive and outdated. LED options are energy efficient and cost-effective to help reduce utility costs and grid demand. The revolution of LED created the opportunity for long-lasting lighting and reduced heating expenditure. Property owners wishing to upgrade their lighting can choose from LED bulbs, fixtures, or smart options.

Light-emitting diodes or LED bulbs are relatively common and popular in today’s market. They are more efficient than traditional lighting options and use less energy. Compared to conventional bulbs, LEDs have a longer lifespan, 25 years on average. The choice is great for both indoor and outdoor lighting.

LED fixtures have the light source built into them but may or may not come with a bulb, depending on whether it’s LED-ready or LED-integrated. The fixtures use even less energy than LED bulbs and deliver higher-quality lighting. Also, considering the high cost of electricity in New York City, choosing these fixtures, which have a longer life than individual LED bulbs, can provide some much-needed savings.

A recent addition to energy-efficient lighting is the smart light bulb. Smart bulbs are internet-capable LED bulbs. The tech allows for maximum control over lighting, allowing for customization, scheduling, and remote monitoring. The bulbs have many of the same benefits as standard LED lighting, but with mobile integration, smart bulbs have features that surpass standard options. Unfortunately, smart bulbs only last about 15 years on average.

All LED options require little maintenance after installation. Smart bulbs may require occasional software updates.

Renewable Energy Investments

Property managers and owners have a lot of options for cost-effective electrical upgrades. Many options fall into the category of low-cost energy efficiency upgrades. Still, renewable energy sources, specifically solar power, might require a significant upfront investment, but they offer greater benefits than low-cost, low-risk investments.

Energy Audit

Before investing in electrical upgrades and installations to reduce the cost of electricity in New York City, consider an energy audit — a professional assessment of a building’s energy systems to increase efficiency. For some residential properties, one- to four-family buildings, owners can get a free energy audit through the New York State Energy Research and Development Authority, which partners with several local contractors.

An energy audit gives property owners a better idea of where and how to invest their money. You can start throwing money into new systems and building upgrades, but an audit provides a strategy for improved investment.

Professional Assessments To Lower the Cost of Electricity in New York City

Hire Bolt Electric for Improved Energy Efficiency

While lower than the national average, the cost of electricity in New York City is substantial. To reduce energy consumption and costs, property managers need to assess their existing systems and make strategic changes. Contact Bolt Electric at 212-434-0098 and schedule a property inspection.