Recharge NY was passed as part of the 2011-2012 New York State Budget, replacing the previous energy program, Power for Jobs. Recharge NY will help small businesses and not-for-profit organizations receive energy at a reduced cost, ultimately improving their bottom line.
Recharge NY provides businesses low cost power over a rolling period instead of an annual renewal by the State Legislature that Power for Jobs required. The program will double the amount of low-cost power available for businesses and not-for-profits from the current 455 megawatts to 910 megawatts. Participating businesses will receive seven-year commitments for their allocations of power, providing certainty on costs that have not been reliable in the past. This will allow businesses to begin more long term planning knowing that funding will be available from year-to-year for their energy uses. They can then re-invest their savings into their business to grow and expand.
Recharge NY will also gradually take a block of low cost power that had been allocated for Rural and Domestic uses and allocate the power for economic development. By 2015, yearly discounts for residents of the State will only be $30 million. However, these increased costs will be offset by savings for residents through the expiration of the 2% utility tax from the 2009 state budget.
Energy costs in New York are often the deciding factor for businesses looking to re-locate to Western New York. Our proximity to Niagara Falls should be seen as the natural resource that is for all perspective businesses looking to move to New York State. Access to low-cost power will certainly benefit all of New York, but especially our region.