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Who cares
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Sponsors
2 Co-sponsors
History
- Recommit, enacting clause stricken
- Referred to energy and telecommunications
- Committee discharged and committed to energy and telecommunications
- Referred to finance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to authorizing the New York state energy research and development authority to develop an energy weatherization program; and making an appropriation therefor
Purpose
To provide the New York State Energy Research and Development Authority (NYSERDA) the authority to sell bonds to finance a large-scale investment in weatherization and retrofitting New York homes.
Summary of provisions
Section one of the legislation adds a new purpose for NYSERDA - Authority to sell bonds to finance the Energy Weatherization Program.
Section two is the enacting clause.
Existing law
Currently, NYSERDA's bonding authority does not extend to these purposes.
Justification
A large scale investment in weatherization and retrofitting will reduce energy use and energy costs for New York families, create tens of thousands of new Green Jobs (including a boost for minority- and women-owned businesses) and help to reduce New York's carbon footprint.
Under the program being established through the use of these bonds, families would receive upfront cash financing for home energy audits and home improvements that would be paid back over time on their utility bill.
State tax-exempt financing for weatherization would fund new energy efficiencies (and lower heating and cooling bills) for homeowners and renters, create tens of thousands of new Green Jobs, and capitalize a decentralized distributed infrastructure improvement of immense benefit to the public as a whole.
Legislative history
2008: S.8756
Fiscal implications
NYSERDA is authorized to bond $1 billion for home weatherization projects over a 20-year period. Because on-bill financing would be used to repay the bonds, bonds would be guaranteed through the energy savings associated with weatherization and retrofitting.
Local fiscal implications
None.
Effective date
The law will take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.