New York has made a big commitment to renewable energy with Governor Andrew Cuomo announcing the creation of a Clean Energy Fund worth $5 billion. The green energy projects supported by the fund are projected to spur over $29 billion in private sector investment as well as provide $39 billion in electricity bill savings over the 10-year life of the initiative.
The fund will be managed by NYSERDA and is expected to immediately lower utility costs for customers. Rates are expected to drop a total of $1.5 billion over the next decade, as well as saving 10.6 MWh of electricity and 133 million tons of carbon emissions. Additionally, the program will support Governor Cuomo’s Clean Energy Standard goals of 50% renewable energy generation by 2030 by operating four portfolios dedicated to increasing solar, wind, and other clean technologies in the state.