Solar Thermal included in 30 initiatives to grow green industry in New York

Launch Solar Thermal Grant Program: A study funded by the New York State Energy Research and Development Authority ( NYSERDA ) identified New York City as the “most favorable” location in New York State for solar thermal systems which use sunlight to provide heat for hot water and space heating. Despite the fact that solar thermal tends to have a shorter payback period than other renewable energy technologies, there remains a lack of awareness, financial incentives, and regulatory clarity in regard to solar thermal technology. To provide a substantial boost to the number of solar thermal projects in New York City, the City will launch a $1 million pilot project to leverage federal funding ( 30 percent tax credit ) and private capital ( 30 percent cost share ). The project could lead to $3 million to $5 million in solar thermal projects in the next three years. Applications for funding are now available at www.nycedc.com/solarthermal. Project installations are expected to begin in early 2010. The NYCEDC-funded projects will also include monitoring equipment so that NYCEDC can study the performance of the systems installed to better understand the financial, technical, and regulatory barriers that must be overcome to foster a sustainable and robust marketplace for solar thermal systems in New York City.

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