27 Jun '11, 6pm

New York Passes Historic Green Jobs Financing Law

The new law will greatly increase consumer demand for energy retrofits, which in turn will generate tens of thousands of jobs in the green contracting sector and related industries like manufacturing. It will also allow NYSERDA , New York State's energy authority, to raise an estimated $5 billion in private investment in the state's energy economy. When Green Jobs/Green NY passed two years ago it was hailed as the nation's most ambitious energy-efficiency program, with a goal of retrofitting one million New York homes and businesses for energy efficiency and paying for it with energy savings from individual utility bills. But the missing piece was a financing mechanism to pay for its projects. The Power NY Act provides that missing piece by creating a capital fund to get the program started. Utility customers will now be able to pay off the cost of making their homes and b...

Full article: http://www.treehugger.com/files/2011/06/ny-passes-histori...

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