Solar

New York Agency Tells How to Tap $750 Million for Renewables

The New York State Energy Research & Development Authority has held six meetings across the state to explain how to take advance of $750 million in funding for energy efficiency and renewables.

POUGHKEEPSIE, New Yorkm US, 2001-07-05 [SolarAccess.com] The New York State Energy Research & Development Authority has held six meetings across the state to explain how to take advantage of $750 million in funding for energy efficiency and renewables. The money is available over a period of five years under NYSERDA’s New York Energy Smart program, which continues energy efficiency, low-income services, research and environmental protection programs during the state’s transition to retail competition in the electricity market. It is a key element in the restructuring of the utility sector. “Funding is available to help businesses, institutions, and residents identify, implement, and finance energy-efficient improvements that save money and reduce environmental impacts associated with energy,” says William Flynn, president of NYSERDA. “Funding will also support research and development of renewable and distributed energy technologies.” The State Public Service Commission named NYSERDA as administrator of programs that are paid for by a System Benefits Charge on the electricity transmitted by investor-owned utilities in New York. More than $166 million has been awarded in the past three years, with the agency says has resulted in “significant reductions in energy consumption, annual air emissions and millions of dollars of savings on customer bills.” Funding under the initial round of programs will reduce energy use by 880 million kilowatt-hours per year and reduce energy demand by 200 MW, according to NYSERDA estimates. This is sufficient power for 146,000 residential homes. The programs reduce energy expenses by $108 million a year and eliminate 866 tons of nitrogen oxide emissions, 1,450 tons of sulfur emissions, and 640,000 tons of carbon dioxide emissions. The programs will also generate 2,100 new jobs in the state. NYSERDA will devote $80 million this year toward peak load reduction measures, from which it expects to achieve 290 MW of peak demand reduction. Over the next five years, it will invest $500 million to reduce peak demand by 1,200 MW across the state, including 800 MW in New York City. Earlier this year, the PSC extended the system benefit charge for another five years with $750 million in funding.