$10b energy efficiency and electrification NY project portfolio under review
The New York State Public Service Commission (NY PSC) has initiated a review of clean energy programmes, representing nearly $10 billion in customer funding for long-term, far-reaching energy efficiency and building electrification strategies.
Each of the projects is designed to drive market-enabling development of workforce, supply chain and consumer demand in the drive to net zero.
The projects under review include utilities’ efforts under New Efficiency: New York (NENY) and the New York State Energy Research and Development Authority’s (NYSERDA) Clean Energy Fund (CEF).
Combined, these portfolios represent nearly $10 billion in customer funding for long-term, far-reaching energy efficiency and building electrification strategies.
This first stage of the Commission’s reviews will focus on the energy efficiency and building electrification programmes, including efforts targeting low- to moderate-income (LMI) customers.
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“Energy efficiency has been a go-to resource and we need to continue to aggressively pursue this solution,” stated Commission chair Rory M. Christian.
“New York’s commitment to protecting and enhancing our environment has been steadfast. As we look ahead to the level of ambition that CLCPA lays out for us, we need to assess all of our efforts to ensure funds are being directed strategically to advance our goals while ensuring services are provided to disadvantaged communities and low-income consumers.”
According to the Commission, their review of these portfolios is crucial as energy efficiency and building electrification programmes play a key role in the achievement of New York State’s clean energy goals.
The deployment of energy efficient resources reduces or eliminates electric and natural gas consumption, avoiding the harmful pollution associated with electricity generation and natural gas distribution.
The emission of carbon dioxide and other pollutants can also be reduced through electrification, with efficient electric heat pumps or ground source heat pumps displacing the use of fossil fuel equipment, delivering environmental benefits as the State’s electric generation becomes cleaner. Energy efficiency and electrification can also offer cost reductions and improve affordability for LMI customers.
Subsequent stages of the review will address NYSERDA’s Innovation & Research and New York Green Bank Portfolios.
These subsequent reviews will begin following NYSERDA filings, due no later than July 1, 2024, that provide performance summaries and specific requests for Commission consideration.
