New York to spend $1.4 Billion on Renewables

Governor Andrew Cuomo has introduced various initiatives to spur the clean economy in the state.

The creation of a “Green Bank” will encourage more private market activity in clean energy. The $1 billion project will leverage public dollars with a private sector match.

He also announced that $250 million is available for a broad range of renewable energy generation projects, a critical component of the Governor’s Energy Highway Blueprint focused on upgrading and modernizing New York’s aging energy infrastructure.

Included in the projects is an expansion of solar panel installation programs for homes and businesses with $150 million of annual funding for 10 years.  His Charge NY Program will invest in an electric car network to reduce reliance on fossil fuels by installing a statewide network of charging stations and providing charging infrastructure tax credits.

Funding for renewable projects will be awarded competitively, with recipients announced by summer 2013.  The New York State Energy Research and Development Authority (NYSERDA) through the state’s Renewable Portfolio Standard (RPS) will administer it.  It is targeted at electric generation projects that use wind, hydroelectric, solar, biomass or other clean-energy resources.

Richard Kauffman, a senior advisor to the nation’s Secretary of Energy Steven Chu, will coordinate the clean-tech agenda and oversee the RPS.

Under the current RPS program, NYSERDA has Main Tier contracts with 54 large-scale renewable electricity generators. The power generated from these projects is expected to provide enough clean power for more than 650,000 homes per year. These projects include two biomass facilities, 10 landfill biogas operations, 25 hydroelectric facilities, and 17 wind farms.

To read the press release, click here

To read the AP article, click here

To read the New York State Governor’s address, click here


Tags: Policy

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