New York is looking to boost its clean energy future with the opening of the New York Green Bank, the largest green bank in the nation.
A division of the New York State Energy Research and Development Authority (NYSERDA), NY Green Bank will partner with energy service companies, banks, and other investors to facilitate deployment of clean energy projects across the state. The initiative is currently accepting financing proposals, which can be made online.
Projects eligible for support are those that deal with a broad range of commercially proven technologies, including:
- Renewable energy generation technologies
- Commercial and residential energy efficiency measures
- Electricity load reduction
- On-site clean generation
The $1 billion dollar initiative is expected to spur clean energy investment, economic development, and job growth in the energy sector. The initial capital for the green bank, $210 million, was redirected from other clean-energy programs, including $45 million from the Regional Greenhouse Gas Initiative.