Albany - Assembly Energy Committee Chair Kevin Cahill (D-Ulster, Dutchess), announced that New York has secured $40 million from the American Recovery and Reinvestment Act to make energy efficiency and renewable energy more accessible to thousands of New York homes and businesses through innovative financing models. The award, obtained through the leveraging of funds dedicated to the Green Jobs/Green New York program, will go to the Property Assessed Clean Energy (PACE) loan programs in participating municipalities to facilitate the installation of energy efficient systems in existing structures.

"Green Jobs/Green New York placed us in a prime position to leverage additional federal money for energy efficiency and the related economic benefits of retrofitting one million homes and small businesses," said Assemblyman Cahill. "This announcement is great for New Yorkers. Consumers now have access to a broad menu of financing to install energy efficient systems that save energy, money and protect the environment."

New York's $40 million award is the largest of 25 announced today by Vice President Biden as part of a $452 million Recovery Act investment to "ramp-up" energy efficiency retrofits. The initial money for Green Jobs/Green New York of $112 million came from the State's groundbreaking carbon emission cap and trade program, known as RGGI (pronounced REGGIE). Green Jobs/Green New York, enacted by the 2009 legislature, was essential to obtaining the additional $40 million in federal funds.

"Green Jobs/Green New York and PACE are designed to create jobs, lower energy costs for households, not-for-profits and small businesses, and reduce greenhouse gas emissions," said Assemblyman Cahill. "New York has once again demonstrated that it is a national leader in tackling the tough challenges of climate change while creating jobs and a cutting edge energy economy for the 21st Century."

The Green Jobs program also provides for job training and development, in conjunction with the trades and educators to develop a clean energy workforce. The program requires close coordination with labor organizations and community service groups to help create a career ladder providing the education, training and ancillary services that will allow the market to thrive long after federal stimulus funds have dried up.