Business Incentive Rate
The business incentive rate offers special, reduced energy rates to attract and retain businesses and jobs in New York City and Westchester County.
How It Works
Your business may qualify for reduced electric rates if you:
- Reoccupy vacant commercial or industrial buildings
- Move into a newly constructed building
- Construct biomedical research facilities
- Negotiate a comprehensive package of incentives from state or local authorities
- Are designated as a business incubator
- Graduated from a business incubator
To qualify, you must be receiving a substantial real property tax incentive from New York City or Westchester County, or participating in the New York City Energy Cost Savings Program. Your business must also undergo an energy efficiency survey.
You must apply for the business incentive rate within 30 days after you apply for state and local tax incentives or energy rebates.
Who Is Eligible
For vacant premises, you can qualify if at least 75 percent of your building was unoccupied for 12 consecutive months out of the 24 months preceding the rate application.
For new premises, your building must be new construction and not an addition or extension to an existing building.
For existing premises, you must be receiving a comprehensive package of economic incentives from state or local authorities.
Not-for-profit institutions must occupy newly constructed or converted space contained in new or renovated buildings where the space is solely or predominantly used for biomedical research and must receive a comprehensive package of incentives from state or local authorities.
Business incubators must be recognized by a government entity and/or receive funding from another entity with a mission that includes development of businesses in New York City or Westchester County.
Additional Rate Information
The money you save through the business incentive rate will be applied to the delivery portion of your bill.
The electric rate delivery reduction ranges between 45 percent and 49 percent.
You may receive the business incentive rate for up to five, 10, or 15 years.
How to Apply
Complete the application, sign it, and send it to our Economic Development Manager by email or mail it to Con Edison, Economic Development, 511 Theodore Fremd Ave., Rye, NY, 10580. Include appropriate documentation proving your eligibility.