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Yahoo
22-07-2025
- Business
- Yahoo
New York to scale back key energy efficiency program
This story originally appeared in New York Focus, a nonprofit news publication investigating power in New York. Sign up for their newsletter here. New York Governor Kathy Hochul has made energy affordability a centerpiece of her political platform this year, blasting proposed utility rate hikes and even promising to slow down implementation of the state's climate law over the concern that the clean energy transition is costing New Yorkers too much. But Hochul's administration is slashing an energy affordability program that was once a priority for the governor, New York Focus has learned. The EmPower+ program was designed specifically to help low- and moderate-income households 'save energy and money' through energy efficiency upgrades. Since 2023 — at Hochul's initiative — it has been New York's one-stop shop to help residents take advantage of green building upgrades they might not otherwise be able to afford, like better insulation and replacing old boilers. 'I don't know of any other program that makes such a big difference to the energy bill and the quality of life for a household that goes through [it],' said Jessica Azulay, executive director of the advocacy group Alliance for a Green Economy. The program is now facing drastic budget cuts. In a July 11 meeting, the New York State Energy Research and Development Authority (NYSERDA) warned local contractors who install the upgrades that it would be cutting the EmPower+ budget from roughly $220 million this year to $80 million in 2027. Michael Hernandez, New York policy director at the pro-electrification group Rewiring America, said he was 'shocked' to learn of the impending cuts and has been sounding the alarm among advocates and lawmakers. Azulay called the projected cuts 'devastating.' 'As families are facing rising energy bills, the state is cutting back on a key tool that it has to help people get their energy bills under control, and to have homes that are more comfortable and safer and healthier,' she said. In recent years, EmPower+ has served tens of thousands of New Yorkers, helping them identify ways that their homes might be wasting energy and fix them through installing better insulation and air sealing and switching to efficient new appliances like heat pumps. The program targets one- to four-family homes, allowing both homeowners and renters to participate. The program covers up to $24,000 worth of upgrades per household, using a mix of state and federal funding. It aims to cover the full cost of upgrades for low-income households and, in some cases, guarantee that participants never pay more than 6% of their income on energy, by providing ongoing subsidies where needed. Even New Yorkers who have gotten relatively minor upgrades through the program say it can make a big difference. Isaac Silberman-Gorn, a first-time homeowner in Troy, outside Albany, said the program recently allowed him to replace a 'dinosaur' of a dryer with a brand-new heat pump model. Thanks to the upgrade, his energy usage no longer spikes every time he does a load of laundry. 'It's the first new appliance I've ever had,' he said. 'Our energy bills are lower. I'm not worried about the thing starting a fire, which is nice.' Silberman-Gorn, who works part-time as a bicycle mechanic and at an environmental nonprofit, said he wouldn't have been able to afford the state-of-the-art new dryer if EmPower+ hadn't covered the cost. 'That was a game changer,' he said. The program relies heavily on the work of local contractors, who conduct NYSERDA-funded energy audits for homes and then, typically, file the application to NYSERDA for upgrades that might be warranted. They've been a key avenue for bringing people into the program, often through customers who refer the companies to friends and neighbors they think might be eligible for similar upgrades. NYSERDA told contractors in last week's meeting that they can no longer sign up new customers for EmPower+ themselves. Clean energy advocates and contractors participating in the program see this as another way to tighten the belt. 'That will naturally slow the program down big-time,' said Hal Smith, CEO of Halco Home Solutions and president of the Building Performance Contractors Association of NYS, a trade group. He said his own company, which works across the Finger Lakes region and has a staff of about 180, should be able to weather the cuts because it does a variety of work and serves customers across the income spectrum. But he worries that some companies working mainly or even exclusively for EmPower+ may have to shut down entirely or lay off much of their staff. The cuts are particularly hard to stomach after years where NYSERDA was pushing for 'more, more, more,' Smith said, building up the program as the state scrambled to meet clean energy targets and encouraging as many contractors as possible to get on board. 'That's been the march for years, and we've all grown, grown, grown,' he said. 'Now NYSERDA is saying we have to put on the brakes.' A NYSERDA spokesperson said that EmPower+ remains a high priority for the agency and that it is only pausing applications from contractors while it reviews how to direct funds to the households most in need. (The spokesperson did not comment on the agency's funding cuts to the program.) Smith said he doesn't blame any one actor for the cuts. The EmPower+ program — which was the result of a 2023 merger between two others — draws its funding from a dizzying array of sources. There's money from New Yorkers' utility bills, through a program approved by the state's Public Service Commission; from the East Coast cap-and-trade program known as RGGI; from the state budget; from a federal home energy rebate program created under former President Joe Biden; and from the longer-standing federal heating assistance program LIHEAP. Scott Oliver, an EmPower+ program administrator at NYSERDA, told contractors last week that federal and state budget cuts were forcing the agency to scale back the program. Hochul and state lawmakers gave EmPower+ a $200 million funding surge in 2023 but earmarked only $50 million for the program this year. President Donald Trump's administration is seeking to eliminate LIHEAP entirely and cut back other weatherization funds. Hochul could direct NYSERDA to tap other funding sources for the program, advocates say. The cap-and-trade program RGGI has earned New York anywhere from $100 million to $400 million a year over the last decade and accumulated a surplus of more than $850 million, according to NYSERDA's latest financial statement. The state's new $1 billion climate fund included only $50 million specifically for EmPower+, but has another $110 million for unspecified green buildings projects, which the governor could use for the program. (The New York State Assembly had sought in negotiations to allocate more than $300 million just to EmPower+.) And the Public Service Commission, New York's utility regulator, recently increased the funding going from energy customers' bills to programs like EmPower+, if not by as much as some advocates had hoped. Advocates say it's not yet clear whether Hochul's administration intentionally cut EmPower+ or whether the program, with its complicated mix of funding, has simply slipped through the cracks. Still, Hernandez, of Rewiring America, said it was bewildering that Hochul's administration could allow such cuts to proceed while the governor emphasizes energy affordability as much as she has: 'How can she be saying, doing both of those things at the same time?' In a statement, the governor's office highlighted the $50 million for EmPower+ in this year's state budget. 'Governor Hochul has made affordability for New Yorkers a top priority,' said Hochul's energy and environment spokesperson Ken Lovett. 'The Governor continues to push back against devastating cuts in Washington, and calls on our state's Congressional Republican delegation to join the fight to protect our state's most vulnerable citizens.' The EmPower+ cuts further slow New York's progress toward meeting legally binding climate targets, in particular a requirement to slash energy use in buildings by 2025. That deadline is now just months away, and the state is far from meeting it. Some climate hawks in the state legislature are beginning to cry foul over the EmPower+ cuts. 'I'm sure that right now the governor is doing her best to look at where we can cut corners,' said Assemblymember Dana Levenberg, of Westchester and the Hudson Valley, referring to the massive funding cuts coming down from Washington. 'This is not where we should be doing that.' In their presentation last week, NYSERDA officials said they were still looking for alternate sources of funding to keep EmPower+ whole. 'This is a problem that is absolutely fixable, and we need the governor to step in here and make the call,' said Azulay, of Alliance for a Green Economy. Hochul has promised that she's attuned to such concerns. 'Utility costs are a huge burden on families,' she told reporters earlier this month, 'and I'll do whatever I can to really alleviate that.' Solve the daily Crossword
Yahoo
26-06-2025
- Business
- Yahoo
New York offering up to $750K for facility decarbonization projects
This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. New York state is offering up to $750,000 in state cost-sharing funding for building and campus decarbonization efforts that use ground-source heat pumps, waste heat recovery, thermal energy storage and other low-emissions technologies. Applications are due July 31. The New York State Energy Research and Development Authority's Large-Scale Thermal program encourages property owners to pursue high-efficiency, 'grid-friendly' electrification projects, NYSERDA Program Manager Sue Dougherty said in a presentation at the International District Energy Association annual conference earlier this month. The $10 million program is open to systems that provide heating, cooling and hot water to single buildings with at least 100,000 square feet of conditioned space or multibuilding campuses with at least 250,000 conditioned square feet, NYSERDA says. State funding opportunities like the Large-Scale Thermal program are key to New York's efforts to significantly reduce the environmental impact of its roughly 6 million buildings in the coming decades, Dougherty said. The state wants 85% of its buildings to use clean heating technologies like heat pumps and thermal energy networks by 2050, the same year its statutory net-zero statewide GHG emissions target kicks in. 'We're not going to do all *6 million buildings, and we really don't have to,' Dougherty said. 'But we will need to do a significant number, and our solutions will need to address existing, older buildings and newer buildings getting built [today].' The Large-Scale Thermal program is accepting applications for its third funding round through July. Successful applicants will receive state funding equal to 50% of total project design costs, with maximum funding up to $300,000 for new construction and $750,000 for existing buildings. The project economics tend to work best for existing facilities with aging heating and cooling infrastructure, new construction and larger buildings or campuses that can achieve 'economies of scale,' Dougherty said. The program considers a wide range of high-efficiency, low-emissions heating and cooling technologies, Dougherty said. These include, but are not limited to, heat pumps that tap into ground, air and surface water resources; building and wastewater heat recovery systems; solar thermal systems; and thermal energy storage systems. 'We are looking for opportunities to help [building owners] accomplish a goal, not prescribing how it's done,' she said. NYSERDA is particularly interested in 'grid-friendly' projects that can shift electric loads away from periods of peak demand by participating in utility demand response programs or using on-site thermal energy storage, Dougherty added. 'We are hoping we can continue to increase the growth of thermal storage and other solutions that can take strain off the grid,' she said. This latest effort complements prior state-led initiatives to decarbonize facilities, campuses and neighborhoods. Beginning in 2021, for example, the Community Heat Pump Systems program funded feasibility studies, design phases or construction for thermal energy networks at more than 50 sites across New York. Dougherty called out several in her presentation, including a ground-source heat pump system at a pair of new residential towers in Brooklyn, a feasibility study to replace a district steam loop with an ambient-temperature water loop and wastewater heat recovery system at an 18-building housing cooperative in the Bronx, and a feasibility study to swap a gas-fired steam system and distributed air-cooled chillers for a lower-temperature water loop on part of the Cornell University Agricultural Experiment Station's campus. The New York City projects' space-constrained sites made them useful references for property owners or developers considering thermal energy systems in similarly dense urban environments, Dougherty said. The Brooklyn project is an excellent reference for geothermal borefield design on tight construction sites, she said. A NYSERDA project narrative indicates the Bronx proposal would boost system efficiency by tapping complementary heating and cooling loads from a nearby nursing home, community center and mixed-use commercial building. The Cornell University project shows facility decarbonization doesn't have to be an all-or-nothing endeavor, Dougherty said. The project area will initially retain a gas-fired boiler for peak heating season, in part because the network will serve a research greenhouse that needs to maintain a constant year-round temperature, she said. 'We understand that this is a transition,' Dougherty said. 'We don't expect projects to come to us and tell us they're going to electrify everything tomorrow.' Recommended Reading UAlbany decarbonization project to cut fossil fuel consumption 16% Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
KBRA Assigns Ratings to NYSERDA Green Revenue Bonds, Series 2025A
NEW YORK, May 21, 2025--(BUSINESS WIRE)--KBRA assigns ratings to nine serial bonds and one term bond issued by New York State Energy Research and Development Authority Residential Clean Energy and Energy Efficiency Financing Green Revenue Bonds, Series 2025A ("NYSERDA 2025A"), a $60.0 million asset-backed securitization collateralized by residential solar loans and home improvement loans originated by New York State Energy Research and Development Authority ("NYSERDA" or the "Authority"). The serial bonds have maturity dates ranging from 2026 through 2034 and the term bond matures in 2040. The NYSERDA 2025A Bonds are not guaranteed by NYSERDA and are non-recourse. The transaction is structured with all bonds supported by overall enhancement of 47.19% (overcollateralization plus amounts deposited into the reserve account). NYSERDA is a public benefit corporation created in 1975 pursuant to the Public Authorities Law of the State of New York. The Authority is dedicated to the development and adoption of energy conservation technologies consistent with economic, social and environmental objectives across the state. To this end, NYSERDA offers solar and energy efficiency loans to one-to-four family residential structures for eligible projects, as dictated by NYSERDA's Green Jobs - Green New York program ("GJGNY Program"). KBRA applied its General Global Rating Methodology for Asset-Backed Securities as well as its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In applying the methodologies, KBRA analyzed NYSERDA's portfolio pool data, underlying collateral pool and proposed capital structure under stressed cash flow assumptions. KBRA considered its operational review of NYSERDA, as well as periodic update calls with the Authority. Operative agreements and legal opinions were reviewed prior to closing. To access ratings and relevant documents, click here. Click here to view the report. Methodologies ABS: General Global Rating Methodology for Asset Backed Securities ABS: Consumer Loan ABS Global Rating Methodology Structured Finance: Global Structured Finance Counterparty Methodology ESG Global Rating Methodology DisclosuresFurther information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www. About KBRAKroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009489 View source version on Contacts Analytical Contacts Michael Polvere, Director (Lead Analyst) +1 Juhi Paranjape, Associate +1 Melvin Zhou, Managing Director (Rating Committee Chair) +1 Business Development Contact Arielle Smelkinson, Senior Director +1
Business Wire
21-05-2025
- Business
- Business Wire
KBRA Assigns Ratings to NYSERDA Green Revenue Bonds, Series 2025A
NEW YORK--(BUSINESS WIRE)--KBRA assigns ratings to nine serial bonds and one term bond issued by New York State Energy Research and Development Authority Residential Clean Energy and Energy Efficiency Financing Green Revenue Bonds, Series 2025A ("NYSERDA 2025A'), a $60.0 million asset-backed securitization collateralized by residential solar loans and home improvement loans originated by New York State Energy Research and Development Authority ('NYSERDA' or the 'Authority'). The serial bonds have maturity dates ranging from 2026 through 2034 and the term bond matures in 2040. The NYSERDA 2025A Bonds are not guaranteed by NYSERDA and are non-recourse. The transaction is structured with all bonds supported by overall enhancement of 47.19% (overcollateralization plus amounts deposited into the reserve account). NYSERDA is a public benefit corporation created in 1975 pursuant to the Public Authorities Law of the State of New York. The Authority is dedicated to the development and adoption of energy conservation technologies consistent with economic, social and environmental objectives across the state. To this end, NYSERDA offers solar and energy efficiency loans to one-to-four family residential structures for eligible projects, as dictated by NYSERDA's Green Jobs - Green New York program ('GJGNY Program'). KBRA applied its General Global Rating Methodology for Asset-Backed Securities as well as its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In applying the methodologies, KBRA analyzed NYSERDA's portfolio pool data, underlying collateral pool and proposed capital structure under stressed cash flow assumptions. KBRA considered its operational review of NYSERDA, as well as periodic update calls with the Authority. Operative agreements and legal opinions were reviewed prior to closing. To access ratings and relevant documents, click here. Click here to view the report. Methodologies Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www. About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009489
Business Wire
01-05-2025
- Business
- Business Wire
KBRA Assigns Preliminary Ratings to NYSERDA Green Revenue Bonds, Series 2025A
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to nine serial bonds and one term bond issued by New York State Energy Research and Development Authority Residential Clean Energy and Energy Efficiency Financing Green Revenue Bonds, Series 2025A ("NYSERDA 2025A'), a $59.77 million asset-backed securitization collateralized by residential solar loans and home improvement loans originated by New York State Energy Research and Development Authority ('NYSERDA' or the 'Authority'). The serial bonds have maturity dates ranging from 2026 through 2034 and the term bond matures in 2040. The NYSERDA 2025A Bonds are not guaranteed by NYSERDA and are non-recourse. The transaction is structured with all bonds supported by overall enhancement of 47.39% (overcollateralization plus amounts deposited into the reserve account). NYSERDA is a public benefit corporation created in 1975 pursuant to the Public Authorities Law of the State of New York. The Authority is dedicated to the development and adoption of energy conservation technologies consistent with economic, social and environmental objectives across the state. To this end, NYSERDA offers solar and energy efficiency loans to one-to-four family residential structures for eligible projects, as dictated by NYSERDA's Green Jobs - Green New York program ('GJGNY Program'). KBRA applied its General Global Rating Methodology for Asset-Backed Securities as well as its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In applying the methodologies, KBRA analyzed NYSERDA's portfolio pool data, underlying collateral pool and proposed capital structure under stressed cash flow assumptions. KBRA considered its operational review of NYSERDA, as well as periodic update calls with the Authority. Operative agreements and legal opinions will be reviewed prior to closing. To access ratings and relevant documents, click here. Click here to view the report. Methodologies Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1009217
