In his State of the State address on Wednesday, New York Gov. Andrew Cuomo announced a $1 billion Green Bank to leverage public dollars with private sector matching money to spur the clean tech economy in the state. The Bank will be funded by a portion of money from the energy efficiency portfolio standards, renewable portfolio standards or system benefit charge to attract the private investment.
He also announced the state would expand the NY-Sun solar jobs program by $150 million annually through 2023 to increase solar panel installations for homes and businesses.
Along with solar, the Governor also gave a nod to electric vehicles that will be called Charge NY.
To help win the clean tech race, Cuomo named Richard Kauffman as the state’s first cabinet-level energy czar. Kauffman was most recently a senior advisor to the U.S. Department of Energy’s secretary, Steven Chu.