PlaNYC: Foster the Market For Renewable Energy

Of all the renewable energy sources, solar currently has the greatest potential to generate electricity within the five boroughs. The technology is commercially available, our abundant roofs offer ample space for panels, and solar energy is most available when the city needs it most-during hot, sunny days. Estimates of solar potential by Columbia University, the City University of New York, and NYSERDA range from 6,000 MW to over 15,000 MW, with one study claiming solar can contribute 18% of peak load by 2022.

To ensure solar meets its long-term potential to contribute more significantly to our supply, we must employ a range of strategies to develop a more competitive market. In order to spur the market in the private sector and help achieve needed economies of scale to bring down prices, New York City will offer a property tax abatement for solar installations. The incentive will cover 35% of installation costs for the first three years of the program, with the incentive scaling back to 20% in years four and five. The graduated structure of this incentive will grant early adopters greater benefits, ensuring that a market is established.

In addition, the City will study the cost-effectiveness of solar electricity when evaluated under a Real Time Pricing scenario. The City will also support the construction of the city's first carbon neutral building. This building, located along the East River, will be powered primarily by solar energy.