When the New York Legislature enacted the Green Jobs-Green New York Act of 20091 (“Green Jobs Act”) during the heart of the Great Recession, many expected the program would: (i) lead to significant energy savings for residential property owners and businesses who received loans to retrofit and environmentally “upgrade” their buildings; and (ii) create 14,000 “green” jobs2 by establishing a market for technicians and other workers to handle all of that environmental work.
Unfortunately, these two goals have yet to be achieved. Now, though, in an apparent effort to jumpstart the Green Jobs Act, the Legislature passed the Power NY Act of 20113 at the close of its most recent legislative session. The act creates a system that allows homeowners and small businesses to finance their environmental upgrades through installment payments on their utility bills. Whether this new law helps achieve the Green Jobs Act’s twin goals, however, will depend on a variety of factors, including the strength of the economy (or lack thereof) as well as the breadth of the regulations that ultimately are enacted under the Power NY Act.
The Green Jobs Act
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