New York State To Invest $1.5 Billion in Renewable Energy Projects

by | Jan 21, 2019

New York

(Photo Credit: John Getchel, Flickr Creative Commons)

New York Governor Andrew Cuomo included $1.2 billion for renewable energy projects in the 2019 Executive Budget for the state. The investment is part of a broader multibillion-dollar Green New Deal aimed at completely eliminating the state’s carbon footprint.

Cuomo’s agenda calls for 100% carbon-free power by 2040, $1.5 billion to be invested in competitive awards that support 20 large-scale solar, wind, and energy storage projects across upstate New York, and as much as $200 million in port infrastructure to match private sector investment in regional development of offshore wind.

The governor says that the ramp-up of renewables under his Green New Deal will include:

  • Quadrupling New York’s offshore wind target to 9,000 megawatts by 2035, up from 2,400 megawatts by 2030
  • Doubling distributed solar deployment to 6,000 megawatts by 2025, up from 3,000 megawatts by 2023
  • More than doubling new large-scale land-based wind and solar resources through the Clean Energy Standard
  • Maximizing the contributions and potential of New York’s existing renewable resources
  • Deploying 3,000 megawatts of energy storage by 2030, up from 1,500 megawatts by 2025

Early last year, Cuomo unveiled an agenda combatting climate change that called for developing offshore wind projects totaling at least 800 MW, investing $200 million in an energy storage target of 1,500 MW by 2025, funding zero-cost solar for low income New Yorkers, and adopting regulations to close all coal plants.

The Green New Deal’s $1.5 billion investment in large-scale projects is expected to add more than 1,650 MW of capacity and generate more than 3,800,000 megawatt-hours of renewable energy annually, according to the governor’s office. These new projects, when combined with ones previously announced under the Clean Energy Standard, represent an investment of more than $2.9 billion in 46 projects statewide.

“While the federal government shamefully ignores the reality of climate change and fails to take meaningful action, we are launching the first-in-the-nation Green New Deal to seize the potential of the clean energy economy, set nation’s most ambitious goal for carbon-free power, and ultimately eliminate our entire carbon footprint,” Cuomo said.

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