NYSERDA And NYPSC To Dstribute $150M Fund For Large-Scale Renewable Energy Projects

NYSERDA and PSC has begun distributing from a $150 Million fund to pay for up to 50% of the cost of large-scale Solar and Biogas Power projects for private businesses who are large users of Electricity in NYC and Westchester County.

Earlier this year, NYSERDA launched the $150 million program encouraging large businesses, especially manufacturing facilities; colleges and universities; schools; and other large buildings to take advantage of renewable energy incentives specifically for New York City and the lower the Hudson Valley. The incentives are for large-scale photovoltaic and biogas power initiatives. NYSERDA will award up to $30 million each year, of which $25 million is targeted for New York City or southern Westchester County. The idea is to promote more clean-energy production in a part of the state that traditionally has been a large consumer of fossil fuels. The projects are meant to produce power for on-site use, not for direct sale to utilities. Under certain circumstances, however, unused power can be added to the grid in exchange for future utility credit. The NYSERDA incentive pays up to 50 percent of the cost of a project, up to $3 million. PV systems are also eligible for a 30 percent federal tax credit and a 25 percent state tax credit.

For more information on this program you may click on the following link.

http://www.nyserda.org/Press_Releases/2011/PressReleas20110803.asp

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