New York’s Cuomo Commits $1 Billion for New Solar Power Projects

Apr 24, 2014 2:07 pm ET

April 24 (Bloomberg) -- New York Governor Andrew Cuomo agreed to expand the state’s solar energy industry with $1 billion in incentives for photovoltaic systems through 2023.

Expanding the NY-Sun initiative will help homes and businesses install 3 gigawatts of solar energy over the next decade, a 10-fold increase from the 316 megawatts completed or under construction now, Cuomo said today in a statement.

“By providing long-term funding certainty, the state is attracting private sector investment, creating new economic opportunities and supporting sustainable development,” Cuomo said in the statement.

The program provides financial incentives to consumers and businesses that install solar systems.