Assemblymember Kevin Cahill (D-Ulster / Dutchess), Chair of the Assembly Energy Committee, announced that the State Legislature has passed legislation (A.40004-A) allowing for municipalities across the state to establish Property Assessed Clean Energy (PACE) financing programs. The bill, along with the recently enacted Green Jobs / Green New York Program, will enable our state and local governments to take advantage significant amounts of Federal funding available to help New Yorkers lower their energy costs through energy efficiency improvements and the installation of renewable energy systems.
"The PACE legislation provides the perfect compliment to the leadership already shown in the Green Jobs/Green New York initiative. PACE programs provide another means for New York continue to lead the nation in encouraging energy efficient homes by taking advantage of an important source of federal funds."
The PACE legislation will allow municipalities to apply for Federal funds and programs to create Sustainable Energy Loan Programs to fund energy efficiency improvements and the installation of renewable energy systems on properties located within its borders. These fixed rate loans would be paid back through a separate charge on the property tax bill.
When taken with the Green Jobs / Green New York package signed by the Governor last month, the PACE legislation leaves New York well positioned to compete for recently announced Recovery Act funded Retrofit Ramp-up Program. The $390 million energy efficiency program was rolled out with the Obama Administration's Recovery Through Retrofit initiative that was released by Vice President Biden in coordination with the Middle Class Task Force and the White House Council on Environmental Quality. "We need to keep working to bring these federal funds to New York," the Assemblyman added.
"Our work on efficiency and renewable energy financing has established New York as a national leader in tackling the tough challenges of climate change and employment opportunities in the 21st Century," said Assemblyman Cahill. "The passage of both the Green Jobs / Green New York and PACE financing bills gives New York a leg up over other states when it comes to competing for these Recovery Act funds."
Click here for more information on Green Jobs / Green New York: http://www.nyserda.org/GreenNY/default.asp
Follow this link for a copy of Recovery Through Retrofit and for more information on the Retrofit Ramp-up Program: http://apps1.eere.energy.gov/news/progress_alerts.cfm/pa_id=252