by Brianna Crandall — January 29, 2016—In an exemplary move for other states that will have a far-reaching impact on facilities of all types, New York State on January 21 announced the NYS Public Service Commission’s approval of 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 bills for New Yorkers starting this year.
Additionally, the fund will attract and leverage third-party capital to support Governor Andrew M. Cuomo’s aggressive Clean Energy Standard, one of the nation’s most ambitious goals to meet 50 percent of the state’s electricity needs with renewable resources by 2030.
According to Governor Cuomo, “This unparalleled $5 billion investment will leverage more than $29 billion in private sector funding and open the door to new clean energy opportunities for years to come.”
The Clean Energy Fund, to be administered by the New York State Energy Research and Development Authority (NYSERDA), is projected to result in more than $39 billion in customer bill savings over the next 10 years through innovative projects and private-public partnerships focused on reducing greenhouse gas emissions, making energy more affordable through energy efficiency and renewable energy, and mobilizing private-sector capital.
In addition to the $39 billion in overall customer savings, consumers and businesses are expected to see lower utility costs of $1.5 billion over the next 10 years, including an immediate reduction of $91 million from 2016 electric and gas costs compared to 2015.
The Clean Energy Fund will operate four major portfolios designed to advance solar energy, wind energy, energy efficiency, and other clean tech industries. As part of the action, $150 million is allocated for the development of new large-scale renewable power projects in 2016.
As the Commission develops a Clean Energy Standard, it will create new incentives for large scale renewables and a new mechanism to prevent the premature retirement of safe upstate nuclear power plants during this transition. Since nuclear facilities do not produce greenhouse gas emissions, they will help the State transition to a future under the Clean Energy Standard without losing ground on emission reductions statewide, noted Governor Cuomo.
Information about the governor’s Reforming the Energy Vision (REV) is available on the New York State Web site.
