New York offers $150m in new round of renewable energy stimulus

New York Gov. Andrew M. Cuomo on April 21 announced $150 million in funding to support large-scale renewable energy projects across the state.

This funding will facilitate public-private partnerships to advance the governor’s Reforming the Energy Vision strategy and ensure the state meets its goal of generating 50% of its electricity from carbon-free renewable energy projects by 2030.

“This state is a national leader in combatting climate change and with this investment, we are taking our unprecedented efforts one more step toward a cleaner and greener New York,” Cuomo said. “This funding will advance large-scale energy projects, continue build a clean energy economy, and generate opportunity for New Yorkers for generations to come.”

The announcement was made by Lieutenant Gov. Kathy Hochul at the semi-annual Advanced Energy Conference held at Jacob Javits Convention Center in New York City.

“Governor Cuomo has established the most ambitious goals for a clean energy economy in the nation,” Hochul said. “By leveraging private investment, we make it possible for the next generation of entrepreneurs and innovators to create a future defined by renewable, sustainable energy production. We will cut costs to consumers, create jobs and combat climate change for the coming generations.”

New York State Energy and Finance Chairman Richard Kauffman said: “New York State is demonstrating what is possible when leaders see growing the economy and protecting the environment as the same opportunity.”

Support for these new large-scale projects will be provided by the New York State Energy Research and Development Authority (NYSERDA) in its final solicitation through the Main Tier of the state’s Renewable Portfolio Standard. New York State’s future large-scale renewables strategy through the Clean Energy Standard is now under consideration by the state Public Service Commission.

NYSERDA President and CEO John B. Rhodes said: “Large-scale renewable energy projects curb greenhouse gas emissions, promote a cleaner environment for New Yorkers, bring jobs and an added tax base to rural areas, and reduce electricity price volatility.”

This $150 million competitive solicitation supports significant private investment in renewable energy sources such as solar and wind, fuel cells, biomass, renewable biogas and upgrades to hydropower projects. Contracts will be awarded for a term of up to 20 years. More information about the solicitation process is available at nyserda.ny.gov/rfp3257.

For every $1 invested in Main Tier projects, New York realizes $3 in economic benefits. More than $3 billion of direct investment in New York State is expected as a result of existing Main Tier projects in the form of jobs, payments to public entities, in-state purchase of goods and services and land leases, growth in the state’s clean energy economy and reduced emissions.

NYSERDA’s previous ten Main Tier solicitations for large-scale renewable projects have resulted in approximately 1,849 MW of installed capacity at 67 projects that will generate more than five million megawatt-hours of renewable energy annually. NYSERDA has provided a total of $1.24 billion for Main Tier projects previously.

As a complement to the large-scale renewables funding announcement, New York State on April 21 launched the New York Generation Attribute Tracking System (NYGATS), which issues certificates for all generation, including renewable energy credits (RECs) that quantify the environmental benefits – such as the lack of greenhouse gas emissions – from energy generation projects. For more information on NYGATS and instructions on how to register, visit nygats.ny.gov.

Reforming the Energy Vision is Cuomo’s strategy to lead on climate change and grow New York’s economy. REV is stimulating investment in clean technologies like solar, wind, and energy efficiency. Already, REV has driven 600% growth in the statewide solar market, enabled over 105,000 low-income households to permanently cut their energy bills with energy efficiency, and created thousands of jobs in manufacturing, engineering, and other clean tech sectors. REV is ensuring New York State reduces statewide greenhouse gas emissions 40% by 2030 and achieves the internationally-recognized target of reducing emissions 80% by 2050.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.