New York State’s $1 Billion Green Bank
In his 2013 State of the State Address, New York Governor Andrew Cuomo proposed a $1 billion Green Bank to spur a clean economy and improve the environment in New York.
According to Cuomo a New York Green Bank will overcome obstacles and uncertainties in the clean energy sector such as “unstable federal funding and policy, uncoordinated action and disparate one-time subsidies at the state level, a lack of appropriate financial instruments, and apprehension in the investor community.” Further, the Bank would “enable clean energy markets to function more fluidly, connecting green projects with investors and capital.”
Funding for the Bank will come from leveraging the Energy Efficiency Portfolio Standards, Renewable Portfolio Standards, and/or System Benefit Charge funds, to attract private investment. In addition, the state will support new borrowing by the Green Bank to support loans for energy efficiency improvements. Thus, the state aims to “mitigate investment risk, catalyze market activity and lower borrowing costs, in turn bringing down the prices paid by consumers…”
Funding will be available for both residential and commercial projects across all forms of renewable energy. To see a list of current funding opportunities take a look on the NewYork State Energy Research and Development Authority’s (NYSERDA) website: http://www.nyserda.ny.gov/funding/
-John Keneally, Compliance