Creation of a 10-year, $5 billion state clean energy initiative is turning heads in New York. The new Clean Energy Fund, approved recently by the New York State Public Service Commission, is an “unparalleled” investment in the state’s renewable energy goals, according to Gov. Andrew Cuomo. This initiative will spur innovation, provide taxpayer relief and open the doors for years of collaborative efforts between public- and private-sector partners.
The lion’s share of the funding – nearly $1 billion – will be used to advance the solar market and industry in New York. That industry already employs more than 7,000 workers at the 500-plus solar companies located in the state. Officials hope to increase that industry presence in New York State.
Photo by Rodrigo Paredes is licensed under CC BY 2.0
Opportunities for private-sector investment will be spurred by the Clean Energy Fund’s allocation of $782 million to the NY Green Bank. That would bring this state-run lending initiative’s total investment to $1 billion. That amount is expected to leverage private-sector energy financing of another $8 billion for renewable energy and energy efficiency projects. The Green Bank will partner with private-sector lenders to ensure capital is available for these projects.
In the Clean Energy Fund order, another $150 million was allocated for the development of new Large Scale Renewables power projects this year, representing another collaboration opportunity between the state and the private sectors.
New York has been at the forefront in the nation regarding increasing renewable energy sources and has set a goal through its Clean Energy Standard to reach 50 percent renewable energy statewide by 2030. This has produced a wide-open market for the private sector. Companies with alternative and clean energy solutions will find that, as a result of creation of the Clean Energy Fund, the opportunities for partnering with public officials on energy projects have greatly increased.