What's happening
This bill creates a revolving loan program using certain city funds to help New York City residents purchase and install solar panels.
Why it matters
Unlocks existing city funds. The bill directs that “non-spendable fund balances” (money the city holds but typically can’t spend directly) can now be used to provide loans, potentially making use of financial resources that were previously unavailable for public programs.
Targets residential solar adoption. By focusing specifically on loans for homeowners to buy and install solar panels, the program aims to lower the upfront cost barrier, making renewable energy more accessible to New Yorkers.
Requires city action and oversight. The legislation mandates that New York City create the detailed structure of the loan program via local law, meaning future city council decisions will determine eligibility, terms, and administrative processes.
Potential for long-term climate and economic impact. By increasing access to solar energy for residents, the program could help reduce citywide carbon emissions, lower utility bills for participants, and stimulate local green jobs in installation and maintenance.
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Who cares
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Fund Solar Panel Loans
Plain English, a few words. Used as the page title.
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History
- Referred to cities
- Referred to cities
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8041
2019-2020 Regular Sessions
IN ASSEMBLY
May 31, 2019
Introduced by M. of A. ABBATE -- read once and referred to the Committee on Cities
AN ACT to amend chapter 868 of the laws of 1975, constituting the New York state financial emergency act for the city of New York, in relation to creating the solar panel purchasing revolving loan program
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 3 of section 2 of chapter 868 of the laws of 1975, constituting the New York state financial emergency act for the city of New York, is amended by adding a new subdivision 4 to read as follows:
4. Any non-spendable fund balances within the fund as identified within the New York city comprehensive annual financial report shall be made available for loans for residential homes within the city of New York for the purchasing and installation of solar panels on such residential homes. The city by local law shall establish such residential solar panel loan program.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08492-04-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.