New York wants to increase wind and solar power before federal subsidies expire
New York Governor Kathy Hochul instructed state agencies to expedite the procurement of $5 billion in wind and solar projects on Friday before federal subsidies expire under President Donald Trump’s new tax laws.
Why it's important
A Democratic Governor is taking action to protect the state's ambitious goals for clean energy and climate changes, despite the waning support from the Republican Trump Administration.
KEY QUOTE
Hochul stated in a press release that by directing state agencies to complete projects, they are maximizing federal incentives and reducing costs for ratepayers. They also build a more reliable, resilient and sustainable energy grid.
CONTEXT
The One Big Beautiful Bill Act that Trump signed in July accelerated the phase out of 30% tax credits on wind and solar energy projects. The credits are only available if the projects begin construction in a year, or if they enter service before the end of 2027. Prior to this, credits were only available until 2032.
By the Numbers
The new state renewable energy solicitation will spur investments of over $5 billion and create more that 2,500 jobs.
What's Next?
Final proposals are due by December 2025. The deadline for eligibility applications to the new solicitation on land-based renewable energies is October 2025. Awards are expected to be announced by February 2026. Priority will be given to projects that qualify for federal tax credit. (Reporting and editing by Chris Reese; Nichola Groom)
(source: Reuters)
