Global Project Finance > Tax Equity Telegraph > New York State Senate Votes to Extend NY-Sun Initiative

New York State Senate Votes to Extend NY-Sun Initiative

14 May '13

The New York State Senate unanimously passed the New York Solar Bill (S.2522), which would extend the NY-Sun Initiative, an existing public-private partnership aimed at significantly increasingly the amount of solar electricity generated in the state, through 2023. The NY-Sun Initiative currently provides incentives for the expansion of solar electricity generating facilities in New York State through grants for the construction of solar production facilities and tax credits for residential homeowners and commercial businesses that install solar panels on their rooftops and properties. The New York Solar Bill would also provide a tax credit for manufacturers of solar energy production and storage equipment located in the state. The Bill awaits passage in the New York State Assembly.

We understand that the New York Solar Bill is part of a larger legislative effort currently underway in the New York State Legislature and that additional bills and action by the Legislature and New York Governor Andrew M. Cuomo are expected in the near future.

The New York Solar Bill would solidify a 10-year extension of NY-Sun Initiative statute, ensuring that New Yorkers benefit from a stable and predictable long-term incentive program.  It is expected to build 2,200 megawatts (MW) of solar, which would provide enough electricity to power 400,000 New York homes.  It is also expected to create thousands of new local jobs in New York; reduce the need for expensive fossil power plants; and spur millions of dollars of investment in the state’s growing clean energy economy. Additional information regarding the New York Solar Bill is available here.

Our prior coverage of the NY-Sun Initiative is available below:

New York Governor Announces $107 Million Available for Large Solar Power Installations Through the NY-SUN Competitive PV Program (April 15, 2012)

New York Governor Proposes NY-SUN Initiative and Tax Benefits (March 19, 2012)