Under the plan proposed by the Energy Affordability Policy working group, the $200 million appropriation included in this year's state budget will be allocated to customer accounts through a one-time credit within 45 days of utilities receiving budget funds.
It aims to aid more than 8 million directly metered electric and gas customers in New York.
The program also offers funding and technical assistance for homeowners, renters and businesses to manage their energy needs.
"Energy affordability continues to be a top priority ... and this utility bill credit is just one of many actions New York is taking to reduce costs," Hochul said in a news release.
Last year, New York was awarded nearly $24 million in federal funding to strengthen the state's electric infrastructure to minimize the effects of extreme weather and natural disasters.
