The New York State Legislature's passage of the Power NY Act was a bright moment in a session marred by budget cuts and layoffs. The new law allows the Green Jobs-Green NY program to advance toward goals of generating 1 million energy efficiency retrofits on homes and businesses and creating over 14,000 full-time permanent jobs.
Consider this: Sealing and insulating a home saves 20 to 50 percent on energy. But many owners can't afford this work. That's where Green Jobs-Green NY and the Power NY Act come in.
If you're a homeowner and a utility customer in good standing, the state will pay upfront for retrofits. Using "on-bill recovery" -- the financing mechanism created by the Power NY Act -- you'll repay the state over time via your utility bill.
The repayment is less than the monthly energy savings, so it doesn't increase expenses. The fact that utility customers rarely default on their bills -- even if they pay late -- allows the state to attract billions from investors. The potential environmental impact is also impressive: The program could reduce greenhouse gas emissions by the equivalent of removing about 1 million cars from the road.