14 DAY TRIAL // A wide range of renewable energy generation projects are to be made possible in the New York State thanks to a $150 million fund made available by the New York State Energy Research and Development Authority (NYSERDA) and the Public Service Commission (PSC).
There will be 51 large-scale renewable electricity generators supported by the state’s Renewable Portfolio Standard (RPS), including 3 biomass facilities, 8 landfill biogas operations, 23 hydroelectric upgrades, and 17 wind farms.
These projects are expected to produce enough electricity to provide 5.3 million megawatt-hours of renewable energy per year which is enough renewable energy to power more than 760,000 homes.
The direct economic benefits delivered to the New York State by these projects account for more than $2.1 billion over the next 20 years.
These benefits will come in the form of long-term and short-term jobs, property tax payments to local towns, schools, and counties, in-state purchases of goods and services, land lease payments to landowners, and various other economic benefits.
When the effects induced on the broader economy are considered, the total economic benefits have been estimated to be $4.5 billion, a statement from NYSERDA emphasizes.
“The millions of megawatt-hours generated by renewable resources in New York State will have a substantial impact on reducing the fossil fuels we consume to make electricity. The RPS program allows New York to continue to attract clean-energy investments and create jobs while at the same time improving the environment,” said NYSERDA President and CEO Francis J. Murray Jr.
“The generation of electricity from renewable sources increases energy diversity and promotes a better environment for us all. Developing renewable energy resources, along with our energy efficiency efforts, provides our best hope toward ending dependency on fossil fuels, improving regional economies, and reducing harmful emissions,” added Garry Brown, Chairman of the PSC.