New York has established a $5 billion clean energy fund to encourage renewable sources of electricity such as wind and solar, part of Gov. Andrew Cuomo's plan to generate half of the state's energy from renewable sources by 2030.
The state's Public Service Commission approved the initiative Thursday, eight days after the Democratic governor announced the proposal in his state of the state address.
The money will be used to subsidize solar energy, spur energy research and development and incentivize private investments in clean energy projects. It will also support programs that increase consumer energy efficiency.
It will be funded through utility bill surcharges, but the state anticipates that it will lead to consumer savings as early as this year and ultimately save consumers $39 billion in 10 years.
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