New York State will leverage the clean energy industry to help boost the economy after the COVID-19 crisis. On April 3rd, NY public authorities passed the Accelerated Renewable Energy Growth and Community Benefit Act to attract private investment into an industry with a proven track record for job creation that is significantly higher than the economic average as a whole (source: Dr. Ernest Moniz).
The Act will create a first in the nation siting office dedicated to renewable energy projects. The Office of Renewable Energy Siting (ORES) will streamline the process for siting of large-scale (over 25 MW) renewable energy projects which will in turn expedite new private investment and job creation in the green economy. The Act also creates an incentives program that will prioritize the development of “Build-Ready” sites and provide a compelling package for private developers to begin renewable energy projects at the sites as soon as possible. To ensure that renewable power can be delivered to the consumer, the Act also facilitates an “aggressive and comprehensive approach” to drive investment into a reliable grid that can handle renewable energy transmission. The Act ensures benefit to the host communities by providing compensation such as utility bill discounts for the local residents.
While the State pursues its current top priority of protecting public health, these measures ensure that New York is poised to recover from the secondary effects of economic fallout from COVID-19 in a path aligned with their clean energy and climate goals.
Read the official announcement from NYSERDA here.
To hear more about clean energy investment as a key part of economic recovery, check out this Columbia Energy Exchange’s podcast with Dr. Ernest Moniz as referenced above.
