Additionally, the Power NY Act includes the creation of an “on-bill” program that allows businesses and homeowners to take out low-interest loans from the New York State Energy Research and Development Authority (NYSERDA) for energy efficiency measures to be paid back on their utility bills.

Ross Gould, air and energy program director at Environmental Advocates of New York, an Albany-based policy watchdog group, tells GlobeSt.com that the on-bill section of the legislation is a positive measure to infuse capital into the market through environmental efficiencies and clean technology. “The installation of solar and wind will create jobs in this state,” Gould says. “These are new technologies that are more labor intensive in the installation then you would find in other fields. On a dollar-for-dollar basis, you get more of a return by investing in renewable projects than on fossil fuels, coal, natural gas or oil.”

Downstate, several energy projects can benefit from the new law, such as a wind farm proposal spearheaded by Staten Island Borough President James P. Molinaro. The plan proposes to erect seven 400-foot wind turbines on Fresh Kills, which can produce 30 megawatts of energy, or about 6% of the borough’s total energy needs.

On the CRE side, Edward Malloy, president of NYC and NYS Building and Construction Trade Councils says in a statement that investments in clean power will lead to “fresh demand” for energy retrofits in businesses across the state. “I thank Governor Cuomo for his leadership in implementing policies that allow for new business expansion and most importantly create jobs for New Yorkers,” he says.

At the same time, the legislation does not outline a plan for the potential closure of Indian Point Nuclear Power Plant in Buchanan, NY, though a study commissioned by the New York City Department of Environmental Protection determined that shuttering the plant would cause energy prices to rise and would increase carbon air emissions.

To read the full bill, click here.