New York Governor Andrew Cuomo plans to spend $800 million to make government buildings greener and reduce energy consumption by 20 percent over four years. That’s according to Bloomberg BusinessWeek.
The New York Power Authority is issuing debt to fund the initiative. Tax-exempt bonds will be sold as needed.
$450 million will be used to update state buildings; $350 million will be spent on local government, school and public hospital facilities, BusinessWeek reports. Upgrades include energy management systems, electric motors and new lighting.
Gil Quiniones, president of the New York Power Authority, said the measures will also create jobs and free up resources.
Chicago Mayor Rahm Emanuel announced a similar plan to spend as much as $225 million in energy-efficiency upgrades, BusinessWeek says.
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