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Cuomo adds funds to solar efforts

Apr 26, 2014 7:18 am
Governor Andrew M. Cuomo announced April 25 that he is expanding New York's commitment to solar energy, with rules he says are a "$1 billion commitment," though his press release lacks any details of where that money will be spent. "To drive market penetration on a large-scale basis, the Public Service Commission order provides long-term, stable funding over a 10-year period to support photovoltaic (PV) projects throughout the state. In doing so, the PSC approved a transition to a 'Megawatt Block incentive structure' that allocates MWs to specific regions of the State; breaks those regional MW targets into blocks to which incentives are assigned; and awards incentives based upon the block in effect at the time," the press release said. New York now has more than 400 solar companies operating and the industry employs more than 5,000. The plan hopes to create three gigawatts of solar energy over the next decade, a 10-fold increase from the 316 megawatts completed or under construction now, according to Cuomo. Read the full press release here.