New York offers $150 million for renewable electricity projects
The New York State Energy Research and Development Authority has announced plans to offer $150 million in grants for new renewable electricity projects. The state plans to distribute this money to promote new wind, hydroelectric, biomass and other types of clean energy.
New York has seen a major upsurge in renewable energy investments in recent years, particularly with the passage of its Renewable Portfolio Standard in 2004, which requires utilities to provide a certain proportion of their electricity from renewable sources. The state further committed itself to renewable electricity in 2010, when it increased the targets for the RPS.
Already the NYSERDA has helped construct 51 renewable electricity plants, combining for an annual output of more than 5.3 million megawatt-hours.
"The million of megawatt-hours generated by renewable resources in New York State will have a substantial impact on reducing the fossil fuels we consume to make electricity," NYSERDA president and CEO Francis J. Murray Jr. said in a statement. "The RPS program allows New York to continue to attract clean-energy investments and creat jobs while at the same time improving the environment."
Renewable electricity also offers the potential to reduce electric bills in the long term, as fossil fuel prices continue to rise.