New York Announces $30M Solar Fund
Green Chip Stocks
The New York Power Authority (NYPA) recently announced it will allocate $30 million to fund a solar power research and development program, the goal of which is to lower the cost of solar energy.
As part of New York Governor Andrew Cuomo’s Sun Initiative plan, this plan is another solid step forward towards the goal of lowering solar energy costs across the board.
The bulk of the research will be focused on new technology that can save money on mounting racks, power inverters and monitoring devices.
By expanding the use of solar energy and lowering the cost, the NYPA figures to help save consumers quite a bit of money. Especially municipalities and school districts.
The NYPA did announce, however, that it will not award bids for the 100 MW, 20-year, $20 million annual subsidy program, which was meant to promote partnerships between private solar technology providers and municipalities.
Executive vice president of Croton Energy Group Leo Wiegman explained, “Effectively, they realized there’s a whole bunch of technical details that need to be made easier before you scale all this up, so what this initiative is oriented toward is researching how you deploy solar.” Another contributing factor was municipalities and commercial businesses hesitant to enter into a long-term lease with private developers.
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