Governor Andrew Cuomo recently announced three new initiatives to spur renewable energy adoption in the state, including investments in solar energy. The state will be allocating forty-nine million dollars to the New York Green Bank, twenty million of which will be dedicated to financial assistance for residential solar in New York.
The funding for solar will be put toward the ReHome New York consumer lending program, which is meant to help bring alternative energy to low-income families. Citi Bank is also contributing to the financial efforts to the tune of fifty million dollars to help bolster the ReHome initiative.
New York is already a leader when it comes to renewable energy, especially when it comes to solar power. Between 2011 and 2014, the state’s adoption rate was double the national average, seeing three hundred percent growth. The government’s latest efforts will only help the Empire State take a more formidable lead and set an example for the rest of the nation.