Republican members of the New York state Senate are continuing to voice worries regarding the increasing cost of electricity.

Sens. Tom O’Mara, Mario Mattera, and Mark Walczyk, Republican members of the Senate Committee on Energy and Telecommunications, sent a letter to Sen. Kevin Parker, Committee Chair, urging a public hearing on legislation (S.8461A) sponsored by O’Mara that would provide $3 billion in immediate relief to ratepayers struggling with skyrocketing utility costs by allowing unspent funds in NYSERDA’s Climate Investment Account and held by utilities to be returned directly to ratepayers.

“Should New York State just keep on asking ratepayers to bear the burden of what’s become, at best, a questionable climate agenda? It seems to me that carrying at least $3 billion of ratepayers’ funds from year to year would be better returned to the ratepayers given the significant increases in the cost of electricity in New York, over a 50% increase from January 2020 to October 2025. The bottom line on any surplus, in my view, is straightforward: Wouldn’t it be more important to provide some relief to ratepayers rather than to have it sitting in NYSERDA’s bank account or in a utility’s coffers? Furthermore, there needs to be greater public accountability, disclosure, and transparency from the Hochul administration and the utilities on how these unspent funds are collected and, ultimately, distributed. Ratepayers have largely been kept in the dark on this underside of the CLCPA. They at least deserve a public hearing like the one we’re calling for to help determine the most effective and fair way to move forward,” said O’Mara, sponsor of S.8461A.

The Republican members of the Senate Energy Committee filed a petition with the Senate Desk for Operations pursuant to Subdivision (e) of Section 5 of Senate Rule VII, which states one-third of the members assigned to a committee can petition to schedule a public hearing on a specific bill, unless the majority of members of the committee reject such petition.

A memo from NYSERDA last week revealed that under New York’s CLCPA and green energy mandates, New Yorkers can expect gasoline prices to increase to roughly $5.25 per gallon, and upstate households could see their heating bills rise by more than $4,100 per year.

“This proposed hearing provides a unique opportunity to assess the availability of off budget funds collected from ratepayers as an immediate remedy in the form of ratepayer utility bill credits to effectively return to ratepayers’ unspent monies which were collected from them,” the letter reads.

The 2025 fiscal year budget and financial plan for NYSERDA indicates they have a surplus of more than $2 billion and it’s projected in future years to even reach $3 billion. In addition, the State is requiring utilities to hold approximately $770 million in ratepayer funds for future use under the Clean Energy Fund. O’Mara’s legislation would return those unspent funds to ratepayers as a bill credit. These bill credits would provide immediate relief to overburdened ratepayers who were required to contribute these surplus funds via their utility bills.