The State of New York is taking a significant step toward eliminating one of the roadblocks to energy efficiency retrofits. 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. The program will front the cost of the work, enabling property owners to afford energy efficient retrofits.
Although property owners will repay the full cost over time, their total energy usage will be reduced by 30-40%, and the loan payment on their energy bill will be less than what they saved, yielding a net saves to the property owner. The program will serve owners who surpass the income ceiling for the Weatherization Assistance Program but cannot afford retrofits on their own.
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.
Local contractors, certified to perform the retrofits will be able to expand their crews, creating new and permanent jobs in green construction and additional jobs in local businesses and manufacturing that serve those new workers.
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.
For additional information visit the following link for the New York State Senate:
http://www.nysenate.gov/blogs/2009/sep/11/senate-passes-green-jobsgreen-ny-bill
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