Advocates for renewable energy are applauding a new law that will ease some of the barriers to solar power that are being put up by Washington.
Governor Kathy Hochul signed the bill earlier this month that changes how solar projects are appraised, which proponents say will make it easier to gain financing and retain jobs.
Jonathan Cohen is policy director at the New York Solar Energy Industries Association, which pushed for the law. He said a patchwork of local laws pushed up project costs that threatened development and jobs.
“So that means that half of the jobs in our industry were at risk from this. Lowering the financial risk to these projects accelerates investment and it makes more projects financially viable. That means more projects are going to move forward. And every single one of those projects creates jobs.”
This comes at a time when federal investments in renewable energy of any type are drying up.
Cohen explains tax credits for home solar projects have been cancelled, while there are still investment tax breaks for larger commercial projects.
“But the incentive that businesses and community solar projects capture, potentially, we have another few years left on that before the year-end 2027 deadline that Congress and the President imposed," explained Cohen. "So, we're working really hard to make sure that as many projects as we possibly can are going to get over the finish line and commence construction in time to capture those remaining credits.”
Even though New York supports renewable energy through the Climate Leadership and Community Protection Act (CLCPA), Cohen said the state cannot afford to make up lost federal incentives.
But he added the new tax appraisal law signed by the governor will help developers finalize investments in projects, and support continued growth of solar deployment.
