New York to inject US$1.5 billion in NY-Sun Initiative over 10 years

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New York Governor Andrew Cuomo has announced that the state’s NY-Sun solar initiative will receive an additional US$150 million in funding every year for the next 10 years.

Launched in 2012, NY-Sun seeks to quadruple the solar capacity in the state of New York in 2013. The initiative also aims to provide additional certainty to solar developers, attract private investment in PV systems and enable the development of a robust solar power industry in New York.

In addition to the expansion of the NY-Sun Initiative, Governor Cuomo also announced that the state is planning to establish a US$1 billion green bank and has appointed former Department of Energy official Richard Kauffman as New York State’s chairman for energy policy and finance.

In response to the announcements, Carrie Cullen Hitt, Senior Vice President for State Affairs at Solar Energy Industries Association (SEIA) said: “The NY-Sun Initiative has put New York State at the forefront of new solar deployment, creating clean economy jobs while containing energy costs for consumers. This expansion of the NY-Sun Initiative, the creation of a US$1 billion green bank, as well as the appointment of Richard Kauffman, will ensure that solar becomes an increasingly significant component in New York’s energy portfolio while supporting solar’s affordability for more New York State families and businesses.”

The state is also offering tax breaks on PV installations in commercial buildings. Effective since 1 January 2013, the state's 4% sales tax will not be charged on the sale or installation of commercial solar energy systems equipment.

According to SEIA, the state of New York is ranked 12th among US states in terms of installed PV capacity.
 

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