This week, Governor Cuomo signed into law legislation that opens the door to low-cost financing for renewable energy systems through the Green Jobs – Green New York program. The measure will expand the state’s innovative energy efficiency building retrofit program to include funding for solar photovoltaics, wind turbines, hydro-electric generators and fuel cells.
Green Jobs – Green New York is designed to assist homeowners, small businesses and not-for-profits with measures to control and reduce their energy use. Applicants receive a free or reduced cost energy audit to determine the most cost effective energy saving improvements that can be implemented in their homes of place of business. The New York State Energy Research and Development Authority (NYSERDA) then reviews the audit results and designs a loan with a payment schedule to match the projected cost savings associated with the proposed efficiency renovations. Program participants are then offered the option of accessing direct low-interest loans or on-bill financing through their monthly utility bills.
The biggest impediment to “behind-the-meter” renewable energy systems is what can often feel like significant up-front costs for installations, regardless of the lifetime savings. Thanks to Governor Cuomo and the state legislature, this latest improvement to the Green Jobs – Green New York program will help put people at ease, opening the door to customer generated clean energy statewide.