Buffalo News Another Voice: New Yorkers can’t afford Climate Action Council mandates
October 14th, 2022
Read the full piece here.
By the end of this year, New York State’s Climate Action Council will publish its final scoping plan that is intended to help the state meet its emission goals. It’s very likely that the price tag of the final scoping plan will be in line with the $340 billion price tag of the Council’s initial draft.
One of the key questions is who will pay for this massive mandate? Forcing overburdened New Yorkers to pick up the tab would be unreasonable and unwise.
New York’s cost of living is among the highest in the nation. A recent analysis from the Council for Community and Economic Research found that New York had the fifth highest cost of living in the nation this year. Data from the Federal Bank of St. Louis found that the average personal consumption expenditure for households in New York was $53,255 in 2021 – more than $5,000 higher than the national average. It’s also important to remember that inflation remains high at 8.2%.
To make matters worse, New York households are carrying a significant amount of debt. According to a September 2022 report from New York State Comptroller’s Office, the average household debt was $53,830 last year. But this problem didn’t occur overnight. New York’s household debt level has risen by more than 70% over the last 18 years.
New York’s cost of living and debt challenges are important considerations when assessing the state’s climate mandates. According to the draft scoping plan, the installation of a geothermal heat pump could cost more than $40,000. Kelley Blue Book currently lists the average sale price of an electric vehicle at more than $66,000.
With the phaseout of current vehicles and home heating systems, New Yorkers are set to take a $106,000 hit. Even if various credits and incentives cover 25% of the total cost, it will still cost New York consumers upwards of $79,500 to comply with the climate plan. This estimate doesn’t include the additional costs of home insulation or replacement of gas stoves.
When you look past the extremist rhetoric and look at the economic realities of overburdened New Yorkers, it’s clear that New York’s climate plan will simply be too expensive for millions of households. At a time when state leaders are sounding the alarm over New York’s outmigration crisis, driving up the cost of living is the last thing decision makers should be doing.
We strongly encourage Gov. Hochul and the members of the Climate Action Council to seek sensible solutions that provide an equal balance between economic realities and environmental goals. Working together, we can develop a plan that will help improve the environment and our communities.
Justin Wilcox is Executive Director of Upstate United.