Cuomo Decrees $1 Billion for Solar Development in NY

25 April 2014—Governor Andrew M. Cuomo, D-N.Y., announced today the commitment of up to $1 billion for the NY-Sun Initiative, a public-private partnership launched in 2012 to coordinate and provide long-term funding of solar expansion in the state of New York. The announcement underscores the state’s commitment to support clean-energy development and ensures funding through 2023. The NY-Sun initiative is designed to boost existing solar businesses and attract global private-sector solar companies to invest in New York-based solar. Partners in the joint initiative include New York State Energy Research and Development Authority (NYSERDA), Long Island Power Authority, PSEG Long Island and the New York Power Authority.

The New York Public Service Commission (PSC) also announced plans to transition NYSERDA’s incentive-based solar programs from government-based to market-based financing. The new PSC incentive structure allocates photovoltaic projects on a regional basis in three categories: residential projects under 25 kW, non-residential projects to 200 kW and PV systems greater than 200 kW. As the blocks are fulfilled, state-backed renewable-energy incentives will decline according to market rates.