Cuomo proposes New York’s very own Green Bank

posted at 5:29 pm on January 11, 2013 by Erika Johnsen

The content of New York Governor Andrew Cuomo’s State of the State speech on Wednesday may have helped to stoke some speculation about his 2016 presidential ambitions, but as part of what looks like an effort to really get on the progressive bandwagon, he talked up a number of green-friendly proposals including a $1.5 billion solar program, a $1 billion Green Bank, and installing up to 3,000 electric vehicle-charging stations throughout New York:

“The economy of tomorrow is the clean tech economy,” Cuomo said in his address. “We all know it – it’s a foot race and whatever state, whatever region gets there first wins the prize and we want it to be New York.”

Cuomo’s NY-Sun program would spend $150 million annually for 10 years to spur solar installations, from residential rooftops to ground-mounted power plants, as well as efforts to reduce the bureaucratic obstacles and other costs of going solar.

His $1 billion Green Bank would leverage public funds to attract private capital to promote energy efficiency and green technologies.

“The NY Green Bank would overcome a number of obstacles and uncertainties in the clean energy sector, including unstable federal funding and policy, uncoordinated action and disparate one-time subsidies at the state level, a lack of appropriate financial instruments, and apprehension in the investor community,” according to the Cuomo proposal.

If individual states want to go ahead an institute their own versions of renewable portfolio standards or renewable tax credits or what have you, I suppose that’s their prerogative — one of the best things about federalism is that states compete for residents and dollars, and ineffective policies can be altered and eliminated much more quickly and efficiently if need be. Why it is, however, that Gov. Cuomo professes to know that the “clean tech economy” (which specifically seems to mean solar, electric vehicles, and etcetera) is most definitely the “economy of tomorrow,” when California is aptly demonstrating the race-to-the-bottom costs of so much subsidizing, is a little harder to grasp. Via RealClearEnergy:

California is headed over the “green energy cliff,” according to Keith Kohl, writing on Energy & Capital. The state is having great success in converting its electrical production away from coal and toward renewables. Its renewable component now far exceeds that of any other state. …

But what is all this doing to the price of electricity? Kohl notes that California residents already pay nearly three times the rate as many other states and that figure is headed straight up as well. All this will weigh heavily on the California economy. …

But the outcome, as shows by the graph at the right, is that electricity prices are headed straight up. This is because wind and solar are still far more expensive than fossil fuels and nuclear. These costs are often disguised in that wind and solar can be produced at zero marginal costs when the wind blows or the sun shines. But these sources must be constantly backed up by gas, coal and nuclear, which become more expensive to run when they can only sell their power intermittently.

Meanwhile, Cuomo is still showing resistance to the direction in which every available free-market sign is pointing by neglecting to offer more widespread opportunity to the natural gas industry in the state, which could bring in an influx of jobs, wealth, and relatively cleaner-burning energy. Shakin’ my head.


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Crony Bank and Trust?

PappyD61 on January 11, 2013 at 5:36 PM

OT: Gregory will not be prosecuted

http://legalinsurrection.com/2013/01/david-gregory-will-not-be-prosecuted/

SirGawain on January 11, 2013 at 5:38 PM

Gee uh, maybe Cuomo could talk to Google about how well the charging stations worked out for them. They have been, or are in the process of being removed due to futility of trying to force Americans to use them.

HopeHeFails on January 11, 2013 at 5:43 PM

Cuomo’s NY-Sun program would spend $150 million annually…to reduce the bureaucratic obstacles and other costs of going solar.

Grow the bureaucracy to shrink the bureaucracy. LoL

The Count on January 11, 2013 at 5:49 PM

The only good thing I can take from is that these lefties think Obama won because of policy which is not true he won because people liked him and not Romney. They actually really don’t like his policies so please lefties kill your chances of winning a future election.

cw10036 on January 11, 2013 at 5:50 PM

Never forget, this is the same jerk that had an instrumental role in the Housing Boom and Bust as the head of HUD.

The point he’s making in the beginning of that video has been debunked, BTW.

visions on January 11, 2013 at 5:51 PM

Where did they find this raving lunatic?

stukinIL4now on January 11, 2013 at 5:51 PM

progressive leftism is such a pathetic philosophy

Bmore on January 11, 2013 at 5:58 PM

including a $1.5 billion solar program, a $1 billion Green Bank, and installing up to 3,000 electric vehicle-charging stations throughout New York:

Good thing we just passed a $60 billion Sandy relief bill to help this poor cash strapped state.

elfman on January 11, 2013 at 5:59 PM

This guy turned out to be much more corrupt than I thought. He also seems to live in a bubble.

darwin on January 11, 2013 at 5:59 PM

Comrades. Enjoy your Marxist overlords.

faraway on January 11, 2013 at 6:03 PM

i watched the part about guns. Classic levels of demagoguery with the rising sound of the great mass of the audience cheering and applauding

we’ve heard those sounds before. Let’s pray our country sobers up quickly

r keller on January 11, 2013 at 6:08 PM

Alternative Headline: Cuomo is trying to make sure he is not elected president in 2016.

William Eaton on January 11, 2013 at 6:08 PM

Good thing we just passed a $60 billion Sandy relief bill to help this poor cash strapped state.

elfman on January 11, 2013 at 5:59 PM

+1

gwelf on January 11, 2013 at 6:09 PM

Screw the idiot and his mama! I had a rather hefty long bet riding on him being the Dem nominee in 2016 (barring Obama’s third term of course), and he works overtime to kill any chance of me scoring!

Archivarix on January 11, 2013 at 6:14 PM

Hey, want to kill some time and have fun? Go to twitter and do a search for “paycheck”. Sit back and laugh as all the tweets come in from people getting their first paycheck of the year and how upset they are. No doubt a lot of the people voted Obama….that is why it is funny.

The Notorious G.O.P on January 11, 2013 at 6:15 PM

They can let Democrat murderers go scot free while jailing Republican activists left and right, and not a single so-called conservative politician will call for violence to begin. Pot, frog, heating source, some assembly required. The nation is THAT much рussified.

Archivarix on January 11, 2013 at 6:18 PM

They can let Democrat murderers go scot free while jailing Republican activists left and right, and not a single so-called conservative politician will call for violence to begin. Pot, frog, heating source, some assembly required. The nation is THAT much рussified.

Archivarix on January 11, 2013 at 6:18 PM

Wrong thread, sorry.

Archivarix on January 11, 2013 at 6:19 PM

They refuse to lay gas pipe lines in many parts of NY, They still use heating oil that must be delivered by over paid union workers.

Dollayo on January 11, 2013 at 6:21 PM

The reason his father did not run for President is because he was hooked into the gangsters in Queens NY. Google Donald Manes if you want to know what happened to Mario Coumo’s political homeboy.

Thicklugdonkey on January 11, 2013 at 6:49 PM

what looks like an effort to really get on the progressive bandwagon

Hopefully, Cuomo is slitting his own throat. If there’s not a crushing backlash against this Through-the-Looking-Glass progressive BS (and a mad dash to the center) by 2016, we’re all in deep doo-doo.

petefrt on January 11, 2013 at 7:18 PM

JOE BIDEN is the frontrunner for the Dem nomination.

And Cuomo could beat him (though I think Cuomo will have to wraith his turn).

…….and EITHER ONE could beat the pathetic gop.

PappyD61 on January 11, 2013 at 7:28 PM

“wraith”……maybe not a slip up. :-))

http://dragonsdogma.wikia.com/wiki/File:CONCEPT_RINGWRAITH.jpg

PappyD61 on January 11, 2013 at 7:31 PM

…and installing up to 3,000 electric vehicle-charging stations throughout New York:

And where does all of this magical clean, free electricity come from anyway?

Big John on January 11, 2013 at 7:31 PM

Hey, want to kill some time and have fun? Go to twitter and do a search for “paycheck”. Sit back and laugh as all the tweets come in from people getting their first paycheck of the year and how upset they are. No doubt a lot of the people voted Obama….that is why it is funny.

The Notorious G.O.P on January 11, 2013 at 6:15 PM

Hilarious indeed.

Blake Motley ‏@Ejayhawk

Get your paycheck today? By rich he meant employed. Just to clear that up.

joekenha on January 11, 2013 at 7:39 PM

Hey, go for it – as long as it’s paid for exclusively with NYS money.

Hill60 on January 11, 2013 at 8:00 PM

Money laundering scheme….take the money, spend it fast…file for bankruptcy.

If liberals can break the backs of oil and replace it with green energy, they become the gate keepers of our economy; even though green energy cannot efficiently and realistically, replace oil, gas, coal, etc. liberals don’t care – they just want the levers of economic power. Damn the country!

mcra99 on January 11, 2013 at 10:09 PM

…and installing up to 3,000 electric vehicle-charging stations throughout New York:

And where does all of this magical clean, free electricity come from anyway?

Big John on January 11, 2013 at 7:31 PM

Why, it comes out of the wall, silly.

/s

bofh on January 11, 2013 at 11:58 PM

Wow, I didn’t know New York has a 2.5 BILLION dollar budget surplus… that’s the sort of thing they might mention.

Oh, they don’t?

http://www.nypost.com/p/news/local/ny_staring_at_sea_of_red_ink_JHngYKxEK7yNWuxoBMTVTN

They have nearly a trillion dollar annual budget deficits projected BEFORE they start spending this extra money?

Hmm, maybe when you’re in a hole you could consider NOT digging?

Naah, who am I kidding; you can just borrow and spend your way out of debt.
I’m sure it’ll work this time.

gekkobear on January 12, 2013 at 7:07 AM

If Cuomo ever had an original thought it died of loneliness. His speech is full of liberal tropes that contradict themselves.

pgrossjr on January 12, 2013 at 10:02 AM

Unfortunately, I doubt very seriously the state will end up funding the green bank. They find a way to pump it full of federal funds while they control the purse strings.

This looks to me like a hedge agsinst the day they lose power. Of course, it will be much harder to boot them out after they’ve looted the treasury and heavily funded all their special interests well into the future.

jeanneb on January 12, 2013 at 11:49 AM

Hey, maybe Cuomo could lend some funds to Kalifornia. Ya know, those coastal nirvanas gotta stick together.

trl on January 12, 2013 at 1:11 PM