The New York Public Service Commission (PSC) has approved an additional $108 million in funding over the next two years for residential and commercial solar energy projects under Gov. Andrew M. Cuomo's NY-Sun initiative. The increase brings the New York State Energy Research and Development Authority's (NYSERDA) total budget for the next two years to $216 million.
With this decision, the PSC authorizes NYSERDA to modify the way it structures incentives, moving to a regional plan. As more megawatts are installed in a given region, the per-megawatt rebate level in that region falls. As part of this transition, NYSERDA will continue to set aside $30 million to increase solar installations in the downstate regions. The remainder of the $108 million will be allocated based on regional budgets and market conditions.
‘Together with the N.Y. Green Bank and energy efficiency orders, this PSC approval reflects the underlying principles of our support for clean energy: to animate the markets and to achieve greater leverage of public funds for a cleaner and resilient economy,’ says Richard Kauffman, chairman of energy and finance for New York State.
