Bloomberg News

New York Solar Projects to Get $46 Million in State Funding

March 28, 2013

The New York State Energy Research and Development Authority, which administers incentive programs for solar energy, is awarding $46 million to 76 projects in the state.

The funds will be paired with $100 million in private financing to support projects totaling 52 megawatts of capacity, the authority said today in a statement on its website. Units of Exelon Corp., MEMC Electronic Materials Inc. (WFR:US) and SolarCity Corp. (SCTY:US) were among the 28 recipients.

The program caps funding at $3 million a project and requires private investments, according to the statement. Today’s awards represent the first of three rounds for current proposals under review, the authority said.

The incentives have been dropping as solar energy costs have declined. The “portfolio-weighted average” incentive awarded today was 88 cents a watt, or about 30 percent of the cost to build the projects, down from $1.30 a watt in 2011 and 93 cents a watt in 2012, the authority said.

New York ranked 10th in the nation for new solar capacity installed in 2012, according to the Solar Energy Industries Association.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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Companies Mentioned

  • SCTY
    (SolarCity Corp)
    • $69.42 USD
    • -0.29
    • -0.42%
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