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New York Solar Projects Will Get $54 Million in State Funding

The New York State Energy Research and Development Authority, which administers incentive programs for solar energy, is awarding $54 million to 79 projects in the state.

The funds will be paired with $120 million in private financing to support projects totaling 64 megawatts of capacity, the authority said today in a statement on its website. Hanwha Group and SolarCity Corp. (SCTY) were among the 20 recipients.

The program caps funding at $3 million a project and requires private investments, according to the statement. Today’s awards represent the second of three rounds for current proposals under review, the authority said. It awarded $46 million for 76 project in March.

The incentives have been dropping as solar energy costs have declined, the authority said. The “portfolio-weighted average” incentive awarded today was 84 cents a watt, or about 31 percent of the cost to build the projects, down from $1.30 a watt in 2011, 93 cents a watt in 2012 and 88 cents a watt in March.

The installations will be located at businesses, factories, municipal buildings, colleges and other commercial or industrial sites in 26 counties, according to the statement.

New York ranked 10th in the nation for new solar capacity installed in 2012, according to the Solar Energy Industries Association.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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