New York Adds Ambitious Clean Energy Development to 2024 Budget

by | May 15, 2023

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Map of New York State

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New York Gov. Kathy Hochul included a significant investment in sustainable buildings, energy affordability, and clean energy development in the state’s 2024 budget. The budget is considered one of the most comprehensive climate packages in recent history and includes groundbreaking legislation building on more than $30 billion committed to climate action. 

The budget makes New York the first state in the nation to advance comprehensive legislation for constructing modern zero-emission new homes and buildings that will protect residents while putting New York on a trajectory to a cleaner, healthier future. 

In New York, buildings account for more than 30% of greenhouse gas emissions, and the 2024 budget includes requirements for advancing zero-emission construction. In particular, these requirements apply to new buildings seven stories or lower by Dec. 31, 2025, and all other new buildings by Dec. 31, 2028.

Prioritizing Energy Affordability for New Yorkers

Moreover, the budget prioritizes energy affordability as New Yorkers transition to a clean energy future. It includes $400 million to provide relief to New Yorkers experiencing high energy costs and lower energy burdens through electrifications and retrofits. The Department of Public Service will provide a monthly discount to more than 800,000 electric utility customers who make less than the state median income.

Hochul’s priority is to create an affordable, equitable, and effective program that accelerates climate action, creates high-quality jobs, and protects and invests in disadvantaged communities, according to the state. The budget creates a financial foundation to support environmental effectiveness and economic feasibility, and it emphasizes New York’s ambitious climate requirements established by the 2019 Climate Act.

To reach the Climate Act goal of 100% zero-emission electricity by 2040, Hochul is requiring an all-hands-on-deck approach to building clean energy. Thus, the budget enables the New York Power Authority to expand its renewable portfolio by working on its own and with private sector renewable energy developers to build new renewable generation to support the state’s clean energy goals.

New York’s 024 budget represents an unprecedented commitment to green infrastructure, reducing emissions from the building sector, and protecting clean water. Additionally, the Environmental Protection Fund includes $400 million to support climate change mitigation, protect water sources, advance conservation efforts, and provide recreational opportunities for New Yorkers.

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