Authors: Daniel Sanchez, Policy Associate, CAP & Kat Daniel, Program Manager, COP
Marriage equality isn't the only reason New Yorkers have to celebrate. Last Wednesday, the New York State Legislature passed the Power NY Act of 2011, a historic, inclusive green jobs financing legislation.
On-bill financing is a key tool to inclusive finance. It will enable moderate-income property owners to access safe loans for home energy upgrades, and use the energy savings to repay the loan on their utility bills. NYSERDA, the state's energy authority, plans to raise $5 billion in private investment for these green, low-risk, family-supporting investments. On-bill finance also enables key consumer protections for home energy loans. With the passage of the Power NY Act, New York will lead the Country in scaling the market for energy efficiency and doing so in an inclusive way. Well done, New Yorkers!The bill establishes an on-bill financing program that will help New York State bring its green jobs program to scale. Passed in 2009, the Green Jobs/Green NY Act sets a goal of retrofitting one million homes in five years, creating over 14,000 full time green jobs, leveraging billions in efficiency investments, and reducing greenhouse gas emissions. The Center for Working Families, a Green for All partner, worked to ensure the Power NY Act was a priority for the legislature this year.
For more information, see the New York Times's article about the legislation.
Center for Working Families also released an announcement.