Overview: Important Invoice Analysis Features Available to Users: Portfolio analytics Cost ($) Graph Summary Chart Property Analytics View Asset and building characteristics and supply contracts Review invoices with audits After automatic or manual invoice acquisition, WatchWire provides unique functionality to…Read full post
Energy Sales Tax Exemption Discontinued in New York State FY2020 Budget
Congestion pricing, mansion tax, and a ban on plastic bags – but what isn’t making headline news is the discontinuation of the sales tax exemption on non-residential transmission and distribution of gas and electricity when customers buy from an ESCO. In other words, for C&I customers in NYC purchasing electricity and gas from an ESCO / retail energy company, you’ll now be paying the full 8.875% sales tax on Con Ed’s T&D, rather than the 4.5% you have been paying since 2009. Read on to learn when this exemption officially disappears and when you will start paying the full sales and use tax on your T&D charges.
In order to raise an additional $90-120 million dollars per year towards the State of New York’s $175 billion budget, the FY2020 budget repeals the sales tax exemption for electric and gas transportation, transmission, and distribution for non-residential customers who purchase energy from an ESCO.
In its Memorandum of Support, the state cites well-developed competition among ESCOs and the “exemption perpetuates unequal treatment among utility customers.” New York commercial customers already pay 30% more than the average commercial customer in the US (9th highest $/kWh – based on calendar 2018 EIA data). And if this were limited to New York City customers, we estimate it would be closer to 53% higher and in the top 3 most expensive.
According to the Memorandum of Support, this bill will take effect June 1, 2019 and would apply to sales made and services rendered on or after that date. Update your budgets accordingly!
Global Energy Landscape The report acknowledges that while immediate pressures from the global energy crisis have eased, the energy markets, geopolitics, and the global economy remain unsettled with risks of further disruption. Fossil fuel prices have declined from their 2022…Read full post
Defining Characteristics of BPS: --> Performance Target: either in terms of on-site energy use intensity (EUI) or annual greenhouse gas emissions— for each building type (e.g. one target for offices, another target for multifamily, etc.). --> Timeframes: Buildings subject to…Read full post
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