Thursday, September 10, 2009

Senate Passes Green Jobs/ Green NY Initiative

Now is the time to make your home a BrightHome. We're thrilled about the actions New York State and NYSERDA is taking to be more energy conscious.

In a major step toward rebuilding New York’s crippled economy and rescuing the state’s energy consumers, the State Senate today passed, by a vote of 52-8, the Green Jobs/Green NY Act of 2009 (S5888).

This landmark legislation will create 14,000 family-sustaining jobs with the goal of retrofitting one million homes, businesses, and not for profits in the next five years, reducing carbon emissions caused by outmoded construction, and saving New Yorkers upwards of $1 billion annually in energy savings.

How it Works:

· The program will be funded with revenue raised by the auction of carbon emission credits through the Regional Greenhouse Gas Initiative. This funding will be used to leverage private and federal investments. The bill allocates $112 million from these auctions to NYSERDA. Auctions of carbon emission credits over the last two years raised $126 million, with an estimated $75 million more expected in the next two auctions this year alone.

· NYSERDA will establish a revolving loan program to provide up to $13,000 per residential customer to retrofit a home, and up to $26,000 to retrofit each qualifying business, and also conduct energy audits, program administration and a credit enhancement for critical private sector capital investments.

· In partnership with the Department of Labor, NYSERDA will also create workforce training programs throughout the state to ensure that the state’s workforce is highly trained and in place to handle mass-scale retrofitting.

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