New York boasts $341M in energy efficiency customer savings

Dive Brief:

Since 2012, New York state has announced 112,000 energy efficiency projects, resulting in $341 million in customer savings and helping to attract $766 million in private investment.
The projects, officials say, are helping homeowners save an average of $56 per month on electric and natural gas bills, and building owners are saving an average of $1,023 per month.
Efficiency projects targeted 90,000 homes and 22,000 commercial buildings, including apartment buildings, hospitals, schools, art galleries and office buildings.

Dive Insight:

In just the last four years, New York State has launched thousands of energy efficiency and conservation projects the state believes will reduce annual electricity demand by 2 million MWh each year – sufficient to power more than 275,000 homes. The projects also help heat the equivalent of more than 85,000 homes, by working to reduce annual heating fuel demand by 9 trillion Btus.

"Smarter, more efficient energy infrastructure is crucial to building a better future for New York State," Gov. Andrew Cuomo said in a statement. "We have made tremendous progress in creating cleaner and greener communities, savings hundreds of millions of dollars for consumers every year and jumpstarting major private sector investments statewide. Our administration is committed to ensuring a bright future for this state, and we will continue working to make that happen for all New Yorkers."

Additionally, New York expects the projects to reduce greenhouse gas emissions by more than 797,000 metric tons each year, helping the state meet a goal to reduce greenhouse gas emissions by 40% and decreasing energy consumption in buildings by 23% by 2030.

"Energy efficiency will continue to help residents and businesses across New York create cost savings, energy savings and greenhouse gas reductions," said New York State Energy Research and Development Authority President and CEO John Rhodes. The state "is already realizing benefits from past energy efficiency projects, and we will continue to build this momentum under the Clean Energy Fund."

The swath of efficiency projects are designed to complement each New York's Upstate Revitalization Initiative plan, which funded the Finger Lakes Region, Central New York and Southern Tier with $500 million last year. The state hopes to leverage that investment into more than $2.5 billion in private investment, creating thousands of jobs and bolstering the economy.