Legislature Backs Sustainable Energy Loans

 

Members back renewable energy program for Albany County 

logo_energizeny_commercial_350The Albany County Legislature voted this week to establish a sustainable energy loan program for qualified property owners that acquire and install clean energy systems.

Legislators unanimously passed a local law establishing an Energize NY Benefit Financing Program. If the county executive approves the law, owners of existing commercial and multi-family residential properties in Albany County could apply for low-cost loans to install solar, wind or geothermal energy systems and energy efficiency measures, such as new windows and lighting.

Funded through the New York State Energy Research and Development Authority and U.S. Energy Department, the program seeks to increase renewable energy sources and reduce harmful greenhouse gas emissions, thereby mitigating the effect of climate change.

The Energy Improvement Corporation, a non-profit organization acting on behalf of the county, would use criteria to judge funding applications, and award financing of up to 10 percent of a property’s appraised value to pay for the acquisition, construction and installation of renewable energy systems.

The local law was endorsed by Chairman Sean Ward and Majority Leader Frank Commisso, along with all the legislators who attended Monday’s meeting of the legislature. The body sent the legislation to County Executive Daniel P. McCoy for his support. If he signs it, the legislature would then send him a separate resolution authorizing McCoy to execute a contract with Energize NY, said Bryan Clenahan (D-District 30), who sponsored the measure with others.

“This is a program that has great potential for our county,” Clenahan told lawmakers.

For details about the program, including its funding mechanism, eligible properties and the criteria for applying, see Local Law D for 2016 here.

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