Skip to Content
Streetsblog USA home
Streetsblog USA home
Log In
Climate Change

PlaNYC: Foster the Market For Renewable Energy

plannyc_energy.jpg

One interesting case study in the mayor's plan is the real-time pricing of electricity. According to research done at Carnegie Mellon University, Americans would save nearly $23 billion a year if they shifted just 7% of their usage during peak hours to less expensive times - the equivalent of the whole nation getting a free month of power every year.

The peak hours for electricity consumption in New York City also happen to be at a time when we are basking in sunlight. Therefore it would be a smart policy to promote the use of solar energy, and that is exactly what the mayor's plan is calling for:

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.

Stay in touch

Sign up for our free newsletter

More from Streetsblog USA

Wednesday’s Headlines Are in a Good Place

How should we react to public indifference about the danger cars pose to society? Perhaps a sitcom has something to teach us.

July 24, 2024

Opinion: Is Kamala Harris ‘The Climate President We’ve Been Waiting For’?

Kamala Harris fought hard for a better transportation plan in the San Diego region despite big political risks. If elected president, will she do the same for the country?

July 24, 2024

America is Setting Micromobility Records — But That Boom Could Go Bust Without Public Funding

Shared bike and scooter trips soared 20 percent in a single year. So why are so many U.S. systems shutting down — and what will it take to keep the revolution rolling?

July 24, 2024

Get on the bus! Advocates Urge Mayor Johnson to Save Chicago Greyhound Terminal

According to the letter, rehabbing the station would cost less that $40M, a small fraction of the price tag of many other local transportation projects.

July 23, 2024

Tuesday’s Headlines Are Running Hard

More political news: Today's top stories delve into Kamala Harris' record on climate change and Republicans' plans for the Trump administration if he returns to power.

July 23, 2024
See all posts