High taxes and onerous regulations rightly get a lot of the blame for why residents flee New York state, why businesses are reluctant to move here, and why those companies that do stay here struggle.

But often overlooked in the equation is another factor that makes it costly to run everything from large manufacturing plants to small homes — the high cost of energy.

According to several studies, New York ranks anywhere from eighth to third in the country in electricity prices and near the middle in natural gas prices, despite using less energy per capita than any state in America.

But rather than do anything to reduce those costs to businesses and residents, New York’s government is actually going out of its way to make it worse.

According to a report released Tuesday by the Empire Center for Public Policy, New York’s new renewable energy mandate, the Clean Energy Standard, will drive up the cost of energy in the state by $3.4 billion in the next five years.

The plan, formally unveiled by Gov. Andrew Cuomo in August, requires a significant expansion of solar and wind-generated power in New York, with the goal being to have 50 percent of New York’s electricity come from renewable energy sources by the year 2030.

Starting next year, utilities and customers that purchase energy directly from the New York Independent System Operator will have to buy renewable energy credits, the cost of which will be passed on to business and residential customers.

The money from the sale of these credits would then presumably be used to subsidize companies that produce renewable energy.

According to the domino effect assumption used to justify most of New York’s economic development efforts, this will entice new companies to come to the state, boost the sales and property tax base, and lift the economy for all.

But according to the Empire Center, the program will have a “barely discernible” impact on the reduction of greenhouse gases and their impact on climate change. And based on the experiences of other states, the cost to consumers will far exceed the state’s projections.

The state Public Service Commission and the governor estimate it will add between $1 and $2 per month to residents’ energy bills. Yet the actual experiences of neighboring states that already require renewable energy credits indicate the cost could be significantly higher.

As with any report, the Empire Center report contains its own assumptions and estimates, and it shouldn’t be taken as the ultimate decider as to whether the state should continue to move forward with the program.

But the analysis of the figures should be enough to prompt state lawmakers, regulatory agencies and business organizations to take a closer look at this plan and consider either scaling it back or ending it.

The last thing New York needs is another reason to drive away business and residents. If that’s what this program does, then it needs to go.

© 2016 The Daily Gazette