Webinar Recording: PJM Capacity Auction Results and Their Impact to Your Budget Webinar
The team at 5 discussed the critical topic of increased capacity costs in PJM and the financial...
Gross Receipts Tax (GRT) is a tax that is applied to all invoices issued by utilities and suppliers that do business in New York State. Utilities and utility service providers apply GRT rates to both the supply and delivery portion of electricity and natural gas invoices before passing the costs directly to their customers.
Non-profit organizations located in NYC are eligible for an exemption from some portion of their GRT (2.4% of their bill) based on the resale of their energy across the organization's various cost centers. Once the details of the resold portion of electricity, natural gas, and district steam are determined and verified, customers can request refunds from Con Edison for the delivery portion and from their energy supplier for the supply portion of GRT that was paid. For new remission submittals, customers are eligible for refunds on the last 12 months’ energy invoices and all future invoices.
5 assists non-profit clients with GRT rebate remission by first reviewing opportunities and providing projected refund amounts. If it is determined that a client is eligible for a rebate, we work with the client to gather the appropriate percentage of energy resold on a building level basis and then upload the appropriate files through a proprietary interface with the utility. 5 verifies and validates all tax refunds with the client, Con Edison, and the energy supplier to ensure the appropriate refund checks have been issued.
5 has a proven track record of GRT rebate remission. Since 2004, more than $31 million in refunds have been obtained for our clients, which include many of the top universities and hospitals in New York City. Additionally, the proprietary nature of 5’s processing system ensures a quick and accurate turnaround in processing refunds, which are often obtained in 60 days or less. 5’s systematic processing and thorough record-keeping also provide a complete audit trail that clients can rely upon to authenticate the rebates that have been received.
Contact Us to learn how 5 can assist your non-profit with GRT rebate remission and more.
The team at 5 discussed the critical topic of increased capacity costs in PJM and the financial...
The team at 5 discussed the critical topic of increased capacity costs in PJM and the financial...
Evie Porter is not the kind of person you want to hang around with. Unless of course, you want to...