In support of its commitment to increase the use of renewable energy resources to 50% by the year 2030, New York is creating a $5 billion Clean Energy Fund. As reported in Fortune Magazine, New York’s commitment to spend $5 billion over 10 years on infrastructure and clean energy related projects is a significant development, with the goal of leveraging an additional $29 billion in private investment. The framework for the plan, which has been in discussion for some time, was approved by the New York Public Service Commission on January 21, 2016. The fund will operate with four major components:

  • The New York State Energy Research and Development Authority will take actions to stimulate consumer demand for clean energy and energy efficiency while, at the same time, helping to build the clean energy supply chain to meet that growing demand. Approximately $2.5 billion has been allocated for these efforts.
  • Provide funding and continue the State’s long term commitment to solar energy by increasing support for the solar electric market and industry in New York State. Almost $1 billion has been set aside for this.
  • Provide additional capitalization of over $500 million to the NY Green Bank to help leverage private sector investment in the clean energy and energy efficiency sectors.
  • Provide over $700 million in funding to spur research and technology development to drive clean tech growth in New York State.

Over the coming days and weeks the details for the Clean Energy Fund and its components will begin to emerge. It is clear, however, that New York State is making a significant financial commitment in order to achieve the goal of 50% renewable energy by 2030.