New York Gov. Andrew Cuomo announced Thursday a commitment for the state to spend $5 billion over 10 years on infrastructure and projects that will generate clean energy, reduce New Yorkers' energy use, and strengthen the state against extreme weather.
The plan has been in the works for years but was just approved by the state Public Service Commission. The governor will use the clean energy and efficiency projects to help the state meet a new goal of generating half of its electricity from clean energy by 2030.
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The state's previous clean energy and energy efficiency mandates expired in 2015. New York's new energy plans are among the most aggressive in the nation, rivaling those of California, a state that has been tackling climate change with mandates and clean energy programs for years.
The state's Clean Energy Fund will be managed by the New York State Energy Research and Development Authority. Cuomo said in a statement that the fund could attract an additional $29 billion in funding from private investors, and also help consumers save $39 billion collectively on their energy bills.
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Close to a billion dollars of the fund will be allocated to stimulate the state's solar industry. Another almost $800 million will go to New York's Green Bank, which is a state-run lending program for clean energy projects. A little over $700 million will be invested into energy technology research and development.
State support and mandates for clean energy are very important to the solar and wind industries. New York's new clean energy fund is a new way to comprehensively invest in state clean energy programs and will likely be watched closely.