The solar industry continues to grow in New York City, with a two-year extension of the property tax abatement available for consumers investing in solar installations. In effect since 2008, the property tax abatement has helped lead to an 800% increase in solar power capacity in the City.
According to the latest Clean Energy Roundtable released this week by Environmental Entrepreneurs, New York ranks third amongst states offering the best climate for environmentally-minded jobs. With the recent expansion of the NY-Sun Initiative, 1,480 potential green jobs could be created in New York state alone.
The governor of New Jersey is drawing attention as one of the rare Republican officials to openly support solar development. After increasing the amount of energy New Jersey utilities are required to get from renewables last week, Chris Christie publicly supported an $883 million Public Service Electric and Gas (PSE&G) initiative to develop 233 megawatts of solar capacity in New Jersey.
Last week, Governor Chris Christie signed a solar bill, requiring New Jersey utilities to get 2.05% of their electricity from solar projects by 2014. Currently at 0.5%, the state's solar requirement will further increase to 4.1% by 2028. The rapid expansion of installations in the state had led to an oversupply of kilowatt-hours that threatened to stall new development.
The American Council On Renewable Energy (ACORE) announced positive results for their study on the solar investment tax credit (ITC). According to the final report, the ITC can deliver a 10% internal rate of return to taxpayers on the U.S. government's initial investment. "The ITC has been very effective in stimulating private-sector investment in solar energy", said ACORE CEO Dennis V. McGinn. “This policy is both effective and fiscally prudent."