Gov. signs bill to make federal energy savings available to New Yorkers

HAUPPAUGE, N.Y., Nov. 20 /PRNewswire-USNewswire/ -- Environmental Defense Fund applauded a new law signed by New York Governor David Paterson today to save property-owners money by increasing energy efficiency in buildings.

The federal stimulus bill - The American Economic Recovery Act - includes more than $450 million for Property Assessed Clean Energy (PACE) financing programs to help defray the upfront cost to property-owners for building retrofits and efficiency improvements to save on energy bills. The law signed today, and bills passed by the New York State Legislature earlier this week ensure New York's eligibility for the funds by allowing municipalities to administer them.

"This new law will protect our environment and improve our local economy," said Mary Barber, New York Region Campaign Director for Environmental Defense Fund. "Now the state is well-positioned to get its fair share of federal stimulus funds to enable New York's households and businesses to save money on electric bills. Thank you to Gov. Paterson, the legislature and Rep. Israel for this forward-looking legislation."

Retrofits of older buildings can create an immediate 20 to 40 percent reduction in energy costs, leading to major savings for building-owners and their tenants. However, many people cannot afford the initial cost of installing energy efficiency and clean energy technology, such as double-insulated windows or solar panels. The PACE-enabling legislation allows municipalities to lessen significantly the impact of these costs by creating an extended loan program for building-owners that lets them pay for the improvements over a long period of time - up to 20 years - instead of all at once. PACE financing is important because it stays with a building when ownership changes, making it possible to invest now to reduce energy wasted by buildings well into the future.

Contact:

Mary Barber, (212) 616 1351, mbarber@edf.org

Evan Thies, (917) 715 9265, erthies@yahoo.com

SOURCE Environmental Defense Fund

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