NY State to Invest in Energy Affordability - Smart Energy Decisions

Commercial, Energy Efficiency, GHG Emissions, Sourcing Renewables  -  May 4, 2023

NY State to Invest in Energy Affordability

New York Governor Kathy Hochul announced the state will invest in sustainable buildings, energy affordability, and clean energy development in the fiscal year 2024 budget. 

The budget includes legislation building on more than $30 billion committed to climate action.

"New York is committed to building a clean economy and protecting our environment for future generations," Governor Hochul said in a statement. "This Budget shows an unprecedented commitment to green infrastructure, reducing emissions from the building sector, and protecting clean water. I thank my colleagues in the Legislature for their collaboration on a transformational Budget that represents one of the most ambitious packages our state has advanced as we continue the fight against climate change."

The budget includes legislation for constructing modern zero-emission new homes and buildings, requiring zero-emission construction of new buildings seven stories or lower except large commercial and industrial buildings by December 31, 2025, and all other new buildings by December 31, 2028. 

Additionally, New York State is calling on the New York Power Authority (NYPA) to complete decarbonization action plans for 15 of the highest-emitting state facilities. 

The budget includes $400 million to provide relief to New Yorkers experiencing high electric bills and to lower energy burdens through electrifications and retrofits. 

The budget also establishes a new Climate Investment Account, which will direct two-thirds of future proceeds to support the transition to a less carbon-intensive economy. The Climate Investment Account will support clean energy programs and policies and emission reduction measures with a focus on disadvantaged communities. 

The budget enables NYPA to expand its renewable portfolio by working on its own and with private sector renewable energy developers to build new renewable generation to support the State's clean energy goals. 


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