Long Island Power Authority announced a 10-year, $1 billion energy conservation plan called Efficiency Long Island Wednesday.

However, homeowners will be hit with a $3 monthly "assessment" so that LIPA can pay for the program. Businesses will shell out $10 to $25 depending on how much energy they use. LIPA CEO Kevin Law hopes the program will ultimately lead to increased energy conservation, thereby eliminating the need for new power plants on the Island.

?We need to be smarter with energy we use,? says Law.

However, not everyone agrees. Long Island University energy expert Matthew Cordaro says Long Island will still need more power plants. He maintains the money put into LIPA?s program could be used for exploring alternative energy initiatives.

As part of the program, homeowners can qualify for rebates from LIPA by buying energy-efficient appliances such as washing machines, driers or air conditioners. But no matter what, the surcharges announced Wednesday will still be on residents? bills.

LIPA also delivered the bad news that due to the rising cost of fuel, more charges could be added to bills in addition to the Efficiency Long Island surcharge. Confirmation of that could come in the next month or two.