$300M allocated for renewable energy projects

The development of New York's clean energy economy is under way as Gov. David A. Paterson recently announced nearly $300 million will go to renewable energy projects under the state's Renewable Portfolio Standard Program.

The New York State Energy Research and Development Authority, in conjunction with the Public Service Commission, will funnel the funds to projects around the state in an attempt to achieve Paterson's goal of meeting 45 percent of the state's energy needs by 2015 through energy efficiency and use of renewable energy sources.

Janet Joseph, director of clean energy research and market development at NYSERDA, said at a program planning committee meeting earlier this month that there is a major trend in new energy technology in New York. Joseph mentioned that while renewable energy markets are growing, there are currently "constrained financial markets" for expensive energy efficient technology.

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