Dynamic Energy Awarded 796kW New York City Solar Project under the NY-Sun Initiative

03.04.14

Dynamic Energy Awarded 796kW New York City Solar Project under the NY-Sun Initiative

Dynamic Energy is pleased to be included among the companies awarded new solar projects in New York City under the NY-Sun Initiative.

Governor Andrew M. Cuomo today announced $28.6 million in awards under the NY-Sun initiative, including 29 large-scale photovoltaic (PV) projects across New York, which will add 33.6 megawatts to the State’s solar capacity, and eight innovative projects to reduce costs associated with solar installations. These awards underscore Governor Cuomo’s commitment to scale up solar deployment across the State, sparking the significant growth in solar power and jobs as demonstrated by a recent independent report ranking New York fifth in the nation for the number of solar jobs per capita.

“With these awards, we aren’t just investing in clean, renewable energy: we are investing in New York’s future,” said Governor Cuomo. “New York State is continuing to expand its clean-energy economy by partnering with the private sector to support innovative solar projects. The NY-Sun initiative has played an essential role in our efforts to grow the solar industry in New York and create cleaner communities across the State.”

Earlier this month, The Solar Foundation, an independent, nonprofit solar research organization, ranked New York State fifth in the nation in the number of jobs per capita, with more than 5,000 jobs in 2013, moving it up from its seventh rank just last year. 

Under NY-Sun:

A total of 299 megawatts of solar photovoltaic capacity has been installed or is under development in the past two years, which will result in the avoidance of approximately 145,000 tons of greenhouse gas emissions each year.

As a result of the steady decline in solar costs in the past two years, incentive amounts have been reduced, allowing for more solar projects to receive awards. In the past two years, the portfolio-weighted average incentive for large solar projects has dropped from $1.30 per watt in 2011 to 77 cents per watt today.

New York State is embarking on a new PV phase to continue to lower project costs through Community Solar NY, including K- Solar, which will demonstrate PV in schools and aggregate solar projects to “solarize” entire neighborhoods.

"Governor Cuomo’s NY-Sun initiative is providing New Yorkers across the state with the benefit of clean solar power, whether through their businesses, municipalities or homes,” said John B. Rhodes, President and CEO, NYSERDA. "These investments have multiple impacts, from reduced energy costs to lowered demand on the electric grid. This is a win-win for all New Yorkers."

Today’s large-scale PV project awards for 29 projects, which total $25.8 million, are made under the NY-Sun Competitive PV solicitation, which provides incentives for PV systems larger than 200 kilowatts, and is administered by NYSERDA. These projects will leverage $58.6 million in private investment, resulting in roughly $84.4 million in infrastructure projects.

The eight solar cost-reduction projects, which total $2.8 million in awards, were funded by NYSERDA and the New York Power Authority . Projects were selected to support efforts to reduce soft costs, such as business costs, customer acquisition costs, installation costs, and permitting and inspection costs. These “balance of system” costs can account for more than half of the total installed PV system cost.

“Governor Cuomo’s NY-Sun initiative underscores his commitment to renewable energy, advanced technology and the green economy,” said Gil C. Quiniones, president and chief executive officer, NYPA. “Public-private partnerships like those receiving funding today show how innovative strategies for reducing installation and other costs will help accelerate adoption of more solar power systems statewide.”

For more information on the NY-Sun initiative, visit www.ny-sun.ny.gov .

About Dynamic Energy:

Dynamic Energy is a full-service energy solutions provider that designs, finances, engineers, builds and maintains projects for corporate, industrial and institutional customers. Dynamic develops energy projects that reduce customers’ expenses, improve operating efficiency, provide an attractive return on investment and help achieve sustainability goals. For more information please visit www.dynamicenergyusa.com or call 1-877-809-8884.