Green Business Bureau Blog
State Incentives for Green Business in New York
One of the original 13 colonies, New York was the eleventh state to be officially admitted to the Union on July 26, 1788, the date it ratified the Constitution of the United States. To celebrate this happy occasion, we’ve put together a list of just a few of the many incentives offered by the state of New York for businesses to go green. PACE financing –
PACE financing –The Municipal Sustainable Energy Programs, which function on a local level, offer loans of up to 10% of appraised real property value or cost of qualified improvements for energy improvements.
Personal Tax Credit –A Green Building Tax Credit of up to $2 million per buildling and distributed over 5 years is available to owners and tenants of eligible buildings and tenant spaces. Projects must meet certain “green” standards and can qualify under 6 different program components. THese standards increase energy efficiency, improve indoor air quality, and reduce the environmental impacts of large commercial and residential buildings in New York State, among other benefits. For more information visit: http://www.dec.ny.gov/energy/1540.html
Property Tax Incentives – One example is a 15-year real property tax exemption for solar and wind energy systems constructed in New York State. As currently effective, the law is a local option exemption, meaning that local governments are permitted to decide whether or not to allow it.
State Rebate Program – Under the New York Energy $mart Program, the New York State Energy Research and Development Authority offers several different funding options for companies. Check out their website at http://www.nyserda.org/. Participants in NYSERDA’s COmmercial Lighting Program can receive up to $50,000 for projects designed to improve energy-efficient lighting in commercial facilities. $53 million is available to conduct technical assessments of energy-efficiency measures in building designs and to offset up to 75% of the incremental capital costs to purchase and install energy-efficient equipment. Maximum incentive amounts vary by project type and incentive category.
Utility Rebate Programs – Several utility companies in New York offer rebates for businesses which practie energy efficiency and conservation. For example, Central Hudson Gas & Electric offers up to 70 percent of the equipment cost of a qualified efficiency upgrade. The Long Island Power Authority provides a variety of incentives for its business customers to increase the energy efficiency of their facilities through its Commercial Construction Program. Depending on the project, aid can range from $10,000 to $50,000. National Fuel offers total customized rebates of up to $25,000 for energy efficient equipment ranging from unit heaters to steamers and boilers.
Industry Recruitment and Support – One incentive is 50% cost share of up to $200,000 to hlep clean energy businesses achieve success, to grow, and to develop new markets through new or expanded activities in New York.
Economic Recovery Funding – There are many energy-related funding opportunities authorized through the American Recovery and Reinvestment Act (ARRA). To search available options go to: http://www.nyserda.org/economicrecovery/recoveryfundingsearch.aspx
These are only a few of the options available to businesses in New York. Be sure to inquire at the local level to see what other incentives are available to your business in your county and city. Happy 222nd Birthday New York!