(Reuters) -New York Governor Kathy Hochul directed state agencies on Friday to accelerate procurement of $5 billion of wind and solar energy projects before the expiration of federal subsidies being phased out under President Donald Trump's new tax law.
WHY IT'S IMPORTANT
The move by a Democratic governor is aimed at protecting the state's ambitious clean energy and climate change goals amid waning support for such policies from the Republican Trump administration.
KEY QUOTE
"By directing our state agencies
to move projects across the finish line, we are seizing every opportunity to leverage federal incentives, reduce costs for ratepayers, and build a more resilient, sustainable and reliable energy grid," Hochul said in a statement.
CONTEXT
The One Big Beautiful Bill Act, which Trump signed into law in July, accelerated the phase-out of 30% tax credits for wind and solar projects. It requires projects to begin construction within a year or enter service by the end of 2027 to qualify for the credits. Previously the credits were available through 2032.
BY THE NUMBERS
The state's new renewable energy solicitation is expected to spur over $5 billion in clean energy investments and create more than 2,500 jobs.
WHAT'S NEXT
Eligibility applications for the new land-based renewable energy solicitation are due in October 2025, with final proposals by December 2025. Award notifications are expected by February 2026. State agencies will prioritize projects eligible for federal tax credits.
(Reporting by Nichola Groom; Editing by Chris Reese)
