The Long Island Power Authority (LIPA) board of trustees voted Thursday to pass a new plan aimed at cutting costs.

Under the new plan, rates will be frozen for at least two years and a one-time rebate check of $35 will be mailed to all customers in early March. LIPA will also be moving forward with plans to purchase and renovate two Keyspan plants in Far Rockaway and Island Park.

LIPA officials announced a long-term contract to buy cleaner hydroelectric power, which will come from the Bear Swamp plant in Massachusetts and is not subject to the price swings of fossil fuel. LIPA Chairman Richard Kessel says the 15-year deal will help stabilize prices.