New York Announces $30M Solar Fund
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.
Green Chip Stocks Editors & Contributors Jeff Siegel Jeff Siegel is the managing editor of Green Chip Stocks, an independent investment research service that focuses exclusively on renewable energy and organic and natural food markets. Nick Hodge One of the bright young minds in today's cleantech industry, Nick is putting his knowledge of nascent green markets to use in several ways... Nick is the co-author of a best-selling book and has interviewed dozens of times for TV and Web; his keen insight, uncanny foresight, and global contacts have led to double- and triple-digit wins for his readers, time after time.
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