Dive Brief:
- The New York State Energy Research and Development Authority (NYSERDA) has proposed creating a 10-year, $5 billion clean energy fund aimed at developing "cleaner, more resilient, and more affordable energy infrastructure."
- The Clean Energy Fund would replace energy efficiency and renewables mandates that are set to expire next year and is designed to help align NYSERDA's work with the market outcomes envisioned in the state's Reforming the Energy Vision proceeding.
- Long-term, the fund will be designed to increase the amount of clean energy being consumed, enable greater investment in clean energy technolog and reduce New York's greenhouse gas emissions.
Dive Insight:
The new clean energy fund will replace the state's System Benefits Charge, Energy Efficiency Portfolio Standard and Renewable Portfolio Standard with a system that envisions a future where microgrids and distributed generation help reduce the state's greenhouse gas emissions.
The plan, which will run through 2025, would invest in four primary areas: market development, technology and business innovation, New York Green Bank and New York Sun. The Green Bank will seek "market transformation in the financial sector, leveraging public investments and reaching new markets for clean energy services," NYSERDA said in its proposal. New York Sun seeks to create a "robust and self-sustaining solar market" for solar PV technologies, and build a statewide program approach for other clean technologies.
"Nimble and targeted investments within these broad categories will work to transform the clean energy market to one that encourages and promotes the adoption of clean energy technologies and practices," the agency said.
