Renewable energy developers in New York and other states are seeking additional financial support from utility rate-payers due to escalating costs. NYSERDA reports that offshore wind developers are requesting a 48% price adjustment, while the Alliance for Clean Energy NY seeks a 64% increase for solar and wind projects. These adjustments are attributed to costs rising faster than inflation, making projects economically unviable without them. The demand for green energy transition, exacerbated by government mandates and the Russia-Ukraine conflict, has driven up the demand for equipment, materials, and labor, further inflating costs. Ironically, the IRA’s conditions for receiving bonus tax credits, such as prevailing wage and domestic content requirements, also contribute to the cost increases. This situation suggests that both taxpayers and utility rate-payers will bear the financial burden, with renewable power potentially becoming significantly more expensive than natural gas. 

https://www.wsj.com/articles/green-energy-nyserda-renewable-subsidies-rate-payer-bailout-b807ccb3