Requires that the public service commission and NYSERDA ensure that Green Bank funds are available to fund programs assisting building owners with installing energy efficient improvements

BILL NUMBER:S4212

Title of bill

An act to require the public service commission and the New York state energy research and development authority to ensure Green Bank funds are available to fund programs assisting building owners with installing energy efficient improvements

Purpose

To authorize the Public Service Commission (PSC) and the New York State Energy Research and Development Authority (NYSERDA) to make Green Bank funding streams available for programs to assist residential, multi-family and commercial building owners with installing improvements to heating and cooling systems that result in incremental emissions reductions and increased energy efficiency.

Summary of provisions

Section 1. Directs the PSC and NYSERDA to ensure that the Green Bank program is made available for the purposes of funding programs to assist residential, multi-family and commercial building owners with installing improvements to heating and cooling systems including conversions through the installation of high efficiency boilers or furnaces, or replacement of burners in boilers. Such installations would have to result in incremental emissions reductions and increased energy efficiency of at least ten percent, or reduced fuel usage of at least ten percent, leading to a significant reduction in carbon emissions as defined by NYSERDA guidelines developed after consultation with the Department of Environmental Conservation (DEC), provided that such projects shall have a return on investment of five years or less.

Section 2. Establishes that the funding streams for Green Bank monies made available for programs described in section one of this act may consist of monies derived from assessments on transmission and distribution companies under direct oversight of the PSC collected on or after July 1, 2006 and monies collected by auctions administered under the Regional Greenhouse Gas Initiative or any other monies administered by NYSERDA that may be available for such purpose.

Section 3. Provides for an immediate effective date.

Justification

This bill ensures that the PSC and NYSERDA are authorized to use Green Bank funding streams to assist residential, multi-family and commercial building owners with energy efficiency upgrades that result in emissions reductions and increased energy efficiency where the return on investment is five years or less. Under the bill, the Green Bank would seek to develop program guidelines that provide a level of support that is pro rata to the increase in efficiency, reduction of fuel use or reduction in emissions, such that enhancements that result in the greatest environmental benefits are provided a higher level of support. This bill provides new incentives to facilitate energy efficiency upgrades that will lower costs for residential and

multi-family energy consumers, and that will spur economic development and create jobs in the commercial sector. This bill is good policy for consumers, for businesses in New York and for the environment.

Legislative history

New Bill.

Fiscal implications

None to the State.

Effective date

This act shall take effect immediately.