New York Governor Andrew Cuomo has announced a nearly $1 billion commitment to NY-Sun, to expand deployment of solar power and transform New York’s solar industry to a sustainable, subsidy-free sector.

Cuomo announced the NY-Sun Initiative in 2012. The public-private partnership provides long-term funding certainty that will boost existing businesses and attract new investments to New York from global solar companies for greater economic growth.

NY-Sun is part of the governor’s commitment to protect the environment and lower energy costs for all New Yorkers by improving the efficiency and reliability of the electric grid.

“NY-Sun can work to provide innovative solutions, create a more resilient and flexible power grid, lower the state’s carbon footprint and promote a cleaner and healthier environment for all New Yorkers, ” Governor Cuomo said.

New York now has more than 400 solar companies operating across the State from Long Island to Buffalo. Combined, this market employs more than 5,000 highly skilled jobs and continues to grow.

To accompany the NY-Sun Initiative, the New York Public Service Commission has approved an order to transition from government-sponsored energy programs to market-based sustainable programs for the solar industry.

“The Commission recognizes the substantial opportunities that solar power offers residential and commercial customers to reduce electricity bills and improve the environment,” said Public Service Commission Chair Audrey Zibelman. “NY-Sun is a key building block in the State’s efforts to build a vibrant, clean energy economy in New York State.”

New York State Solar Energy Industries Association President Shaun Chapman said, “Governor Andrew Cuomo’s NY-Sun program has created the greatest market opportunity for solar anywhere in the United States without exception. NYSEIA and its more than 100 member companies stand ready to provide private capital, good jobs, and clean energy to all New Yorkers.”

To drive market penetration on a large-scale basis, the Public Service Commission order provides long-term, stable funding over a 10-year period to support photovoltaic  projects throughout the state.

The new funding commitment also provides $3.5 million for a consumer education effort on the benefits of solar photovoltaic systems; to improve the public’s understanding about the various PV contract types, such as direct ownership, leases and power purchase agreements; and other opportunities, such as community solar and energy storage.