VIDEO: New York announces $160 million in renewable energy funding
The money will be awarded competitively by the New York State Energy Research and Development Authority
ALBANY, N.Y. (AP) — New York state is investing $160 million in efforts to build and expand renewable energy projects around the state.
Gov. Andrew Cuomo announced Tuesday that the funds will support large scale projects that generate energy from wind power, solar power, hydroelectric and other renewable sources.
The money will be awarded competitively by the New York State Energy Research and Development Authority.
Cuomo's office says that for every $1 invested in such projects, the state realizes $3 in economic benefits.
Cuomo says the funding is a "crucial resource" for the development of cleaner and more sustainable energy.