In his State of the State address yesterday, Cuomo outlined plans for a new billion-dollar “green bank” to leverage private funds for deploying clean energy technologies, announced a 10-year expansion of the state’s solar program by increasing funds $150 million per year, and named a new cleantech czar to oversee the efforts. The cumulative impact could be a massive expansion of renewables and efficiency in New York.
Here’s what the Governor had to say about the Green Bank:
The NY Green Bank leverages private capital in a fashion that mitigates investment risk, catalyzes market activity and lowers borrowing costs, in turn bringing down the prices paid by consumers. Through the use of bonding, loans and various credit enhancements (e.g.,loan loss reserves and guarantees), a Green Bank is a fiscally practical option in a time of severe budget conditions. Many public credit and investment programs require only a small amount of government funds, even holding taxpayers harmless or acting asmoney makers. And along with these benefits, the long-term public and social benefits of a robust and clean economy are virtually incalculable.