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NY Awarded $40M for ‘Green’ Energy
Wednesday, April 21, 2010
New York state will receive $40 million in federal stimulus funding to expand existing programs that help businesses and residences pay for renewable energy systems and energy-efficient upgrades.
New York’s award was the largest of 25 announced today. The awards are part of a $452 million effort through the American Recovery and Reinvestment Act to increase energy efficiency nationwide.
The stimulus money will fund credit-enhanced bank loans and Property Assessed Clean Energy, a loan program that allows participants to borrow money for renewable energy systems and retrofits, then repay it over time on their property tax bills.
The loans can be used for energy efficiency upgrades, such as insulation and high efficiency furnaces, and the installation of clean energy technologies, including solar panels and geothermal heat pumps.
The Albany-based New York State Energy Research and Development Authority will administer the $40 million funding in conjunction with other municipalities.