New York Solar Energy Industries Association Applauds Passage of PACE Finance Enabling Legislation to Spur Solar Projects

Online, November 17, 2009 (Newswire.com) - ALBANY, NY - The New York Solar Energy Industries Association (NYSEIA) today applauded the state Legislature's passage of enabling legislation that will eliminate the upfront costs of renewable energy and energy efficiency projects to homeowners and businesses by allowing PACE (Property Assessed Clean Energy) financing.

"This important legislation to the solar industry is all about creating more green jobs in New York," said NYSEIA Vice President, Kevin MacLeod of KPS Contracting, Inc. in Bayshore, who represented the interests of the association to lawmakers. "It will help create more jobs for contractors who will hire more employees and generate more taxes, and have a tremendous multiplier impact to the state."

NYSEIA, the association representing the solar energy industry, wrote the initial legislation that was previously known as the Green Loans Bill, based on a financing model in the city of Berkeley, Calif., and has been lobbying for its passage since May, according to MacLeod.

Unanimously passed by both houses at a special session late Nov. 16, the bill authorizes municipalities to administer PACE loan programs to finance the installation of renewable energy systems and energy efficiency improvements across the state.

PACE programs eliminate the upfront cost for energy improvements by allowing property owners to pay for the improvements with low-interest bonds over 15 to 20 years that are repaid through property taxes. The payment plan is easily transferable to the next property owner if the current resident decides to move.

The state bill enables New York to tap into $454 million in federal funding that will be made available to support PACE programming. PACE programs are a recent innovation in finance and have emerged nationwide over the past year. New York becomes the 16th state to pass the enabling legislation.

The finance model can be used to finance a host of technologies, including solar PV systems, solar heat and hot water systems, energy efficiency installations and water conservation upgrades.

"From Long Island to the Hudson Valley, Capital District, Southern Tier and Niagara Falls, PACE financing will enable solar energy projects to move forward without upfront costs and for property owners to make improvements that will pay off in energy cost savings," said NYSEIA President Ron Kamen, senior vice president of EarthKind Solar in Kingston.

About NYSEIA
The New York Solar Energy Industries Association, founded in 1994, is the only statewide non-profit membership and trade association dedicated solely to advancing solar energy use in New York State. For information, visit http://www.nyseia.org

Media Contacts:
Ron Kamen, (917) 453-5740 [email protected]
Sandy Frinton, (845) 454-3895 [email protected]