Summary

This bill amends the local finance law to increase the probable usefulness for local projects that may qualify for a loan to thirty years.

Explanation

This legislation updates the period of probable usefulness for solar arrays or solar panel systems from five years to thirty years.

By 2030, New York must have 10,000 megawatts of distributed solar operating across the state to comply with the Climate, Leadership, and Community Protection Act. In order to comply with the law, the State must open up access to solar infrastructure to all entities in any way possible.

As it stands, municipalities, school districts, and district corporations cannot receive a bond, loan or other contract for any project longer than is set in the statutory period of probable usefulness, which is currently capped at five years. Solar panels have a lifespan of 25 years. The misaligned cap limits the funding options for local entities that may want to install solar infrastructure on site.

This legislation solves this problem by increasing the statutory period of probable usefulness from five to thirty years, which will accurately encapsulate the lifespan of solar infrastructure and increase local access to renewable energy.

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