When the New York State legislature passed the “Power NY Act”, It was a long-sought complement to the “Green Jobs/Green NY” law that passed in 2009.
The legislation will create 14,000 living-wage jobs, cut carbon emissions, lower utility bills for working families, and enable moderate-income homeowners to access safe loans for retrofits and use energy savings to repay the loan. The new law will greatly increase consumer demand for energy retrofits, which in turn will generate tens of thousands of jobs in the green contracting sector and related industries like manufacturing. It will also allow NYSERDA, New York State’s energy authority, to raise an estimated $5 billion in private investment in the state’s energy economy.
Utility customers will now be able to pay off the cost of making their homes and businesses more energy-efficient through charges on their monthly electric bills.
On-bill financing gives moderate-income property owners access to energy-saving retrofits even if they cannot qualify for traditional bank loans, and their future energy savings will be used to cover the full cost of a state retrofit plan. Property owners will pay back their loan as a line item on their utility bills over time.
With the new legislation, New York State is in the vanguard of the national movement toward greater energy efficiency.