Senate Bill S4212

                                BILL NUMBER:S4212

TITLE OF BILL:

An act to require the public service commission and the New York state
energy research and development authority to ensure Green Bank funds
are available to fund programs assisting building owners with
installing energy efficient improvements

PURPOSE:

To authorize the Public Service Commission (PSC) and the New York
State Energy Research and Development Authority (NYSERDA) to make
Green Bank funding streams available for programs to assist
residential, multi-family and commercial building owners with
installing improvements to heating and cooling systems that result in
incremental emissions reductions and increased energy efficiency.

SUMMARY OF PROVISIONS:

Section 1. Directs the PSC and NYSERDA to ensure that the Green Bank
program is made available for the purposes of funding programs to
assist residential, multi-family and commercial building owners with
installing improvements to heating and cooling systems including
conversions through the installation of high efficiency boilers or
furnaces, or replacement of burners in boilers. Such installations
              

would have to result in incremental emissions reductions and increased
energy efficiency of at least ten percent, or reduced fuel usage of at
least ten percent, leading to a significant reduction in carbon
emissions as defined by NYSERDA guidelines developed after
consultation with the Department of Environmental Conservation (DEC),
provided that such projects shall have a return on investment of five
years or less.

Section 2. Establishes that the funding streams for Green Bank monies
made available for programs described in section one of this act may
consist of monies derived from assessments on transmission and
distribution companies under direct oversight of the PSC collected on
or after July 1, 2006 and monies collected by auctions administered
under the Regional Greenhouse Gas Initiative or any other monies
administered by NYSERDA that may be available for such purpose.

Section 3. Provides for an immediate effective date.

JUSTIFICATION:

This bill ensures that the PSC and NYSERDA are authorized to use Green
Bank funding streams to assist residential, multi-family and
commercial building owners with energy efficiency upgrades that result
in emissions reductions and increased energy efficiency where the
return on investment is five years or less. Under the bill, the Green
Bank would seek to develop program guidelines that provide a level of
support that is pro rata to the increase in efficiency, reduction of
fuel use or reduction in emissions, such that enhancements that result
in the greatest environmental benefits are provided a higher level of
support. This bill provides new incentives to facilitate energy
efficiency upgrades that will lower costs for residential and


multi-family energy consumers, and that will spur economic development
and create jobs in the commercial sector. This bill is good policy for
consumers, for businesses in New York and for the environment.

LEGISLATIVE HISTORY:

New Bill.

FISCAL IMPLICATIONS:

None to the State.

EFFECTIVE DATE:

This act shall take effect immediately.