The state Public Service Commission has
\napproved a 10-year, $5 billion Clean Energy
\nFund designed to accelerate the growth of
\nNew York’s clean energy economy, address
\nclimate change, strengthen resiliency in the
\nface of extreme weather and lower energy
\nbills for New Yorkers starting this year.<\/p>\n
Additionally, the fund will attract and
\nleverage third-party capital to support the
\ngovernor’s aggressive Clean Energy Standard,
\none of the nation’s most ambitious goals to
\nmeet 50 percent of our electricity needs with
\nrenewable resources by 2030, officials said.<\/p>\n
“New York is a national leader in combating
\nclimate change and growing the clean
\nenergy economy and today we are taking the
\nnext big step forward,” Gov. Andrew Cuomo
\nsaid. “This unparalleled $5 billion investment
\nwill leverage more than $29 billion in
\nprivate sector funding and open the door to
\nnew clean energy opportunities for years to
\ncome. We are raising the bar when it comes
\nto increasing the use of renewable energy and
\nreducing harmful carbon emissions, and I am
\nproud that the Empire State is continuing to
\nset the example for the future.”<\/p>\n
The fund, to be administered by the New
\nYork State Energy Research and Development
\nAuthority, builds on the progress the state is
\nalready making in developing a robust clean
\ntech sector. It is projected to result in more
\nthan $39 billion in customer bill savings over
\nthe next 10 years through innovative projects
\nand private-public partnerships focused on
\nreducing greenhouse gas emissions, making
\nenergy more affordable through energy efficiency
\nand renewable energy, and mobilizing
\nprivate-sector capital.<\/p>\n
\nIn addition to the $39 billion in overall
\ncustomer savings, as a result of this Public
\nService Commission action, consumers and
\nbusinesses are expected to see lower costs of
\n$1.5 billion over the next 10 years, including
\nan immediate reduction of $91 million from
\n2016 electric and gas costs compared to 2015.<\/p>\n
State officials said consumers and businesses
\ncan expect to see lower utility costs
\nthis year.<\/p>\n
The fund will operate four major portfolios:<\/p>\n
Market Development ($2.7 billion): NYSERDA
\nwill undertake a variety of activities
\nto stimulate consumer demand for clean
\nenergy alternatives, energy efficiency while
\nhelping to build clean energy supply chains
\nto meet that growing customer demand.
\nAt least $234.5 million must be invested
\nin initiatives that benefit low-to-moderate
\nincome New Yorkers during the first three
\nyears of the fund;<\/p>\n
NY-Sun ($961 million): The fund finalizes
\nthe funding and confirms the longterm
\ncommitment for NY-Sun and for the
\ngrowing solar electric market and industry
\nin New York State, by supporting rapid and
\ncontinued cost reduction. This will continue
\nto make solar energy more affordable and accessible
\nfor residential and commercial solar
\ncustomers, and will drive the growth of the
\nsolar industry in New York, which currently
\nemploys more than 7,000 people across 538
\nsolar companies in the state;<\/p>\n
NY Green Bank ($782 million): To leverage
\nprivate sector investment, expand the
\navailability of capital and increase confidence
\nin lending for clean energy projects, the
\nfund will complete the capitalization of the
\ninnovative NY Green Bank. The fund will
\nincrease NY Green Bank's total investment
\nto $1 billion and will leverage an estimated
\n$8 billion in private investment;<\/p>\n
Innovation and Research ($717 million):
\nAs New York State moves to a cleaner, more
\nefficient, and more widely distributed energy
\nsystem, the Clean Energy Fund will help spur
\ninnovations through research and technology
\ndevelopment that will drive clean-tech business
\ngrowth and job creation while providing
\nmore energy choices to residential and business
\ncustomers.<\/p>\n
New York State Chairman of Energy and
\nFinance Richard Kauffman said the fund
\n"will achieve greater customer savings and
\nstimulate more demand for–and private
\ninvestment in–renewable energy and energy
\nefficiency projects, furthering the governor's
\nReforming the Energy Vision strategy. By acting
\ntoday and not tomorrow, we ensure our
\ngrid will be modernized and strengthened as
\nwe also lower New Yorker's electricity rates
\nby implementing the most cost-effective
\nsolutions to meet our challenges."<\/p>\n
State Public Service Commission Chair
\nAudrey Zibelman said, "Under the Clean
\nEnergy Fund, every dollar of clean energy
\nspending will achieve greater savings and
\nenhance private investment, spurring innovation
\nand new technologies that will bring
\nmore choices and value to New York consumers.
\nWe will build on the success of previous
\nenergy-development programs in a way that
\nmeets evolving customer and market needs
\nand transition away from approaches that rely
\nalmost exclusively on ratepayer subsidies,
\nwhich is unsustainable if we are to meet our
\nambitious goals in the long-run."<\/p>\n
In the Clean Energy Fund order, the Commission
\nalso allocated $150 million for the
\ndevelopment of new Large Scale Renewables
\npower projects in 2016. As the Commission
\ndevelops a Clean Energy Standard, it will
\ncreate new incentives for large scale renewables
\nand a new mechanism to prevent the
\npremature retirement of safe, upstate nuclear
\npower plants during this transition.<\/p>\n","protected":false},"excerpt":{"rendered":"
The state Public Service Commission has approved a 10-year, $5 billion Clean Energy Fund designed to accelerate the growth of New York's clean energy economy, address climate change, strengthen resiliency in the face of extreme weather and lower energy…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-18724","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\r\n