New York 'invest' $1 billion in inefficient solar, to 'cut subsidies'?
New York Gov. Andrew Cuomo says the state is making a long-term, $1 billion investment in support of solar power.The deal is funded through assessments against utilities in the state. In other words, they are raising the cost of electricity in order to buy inefficient energy. At best it is a counter intuitive strategy.
The Democrat said Thursday that the money will provide funding certainty for efforts to expand solar power over the next decade.
Cuomo says the investment will help the state’s solar power industry to move away from government subsidies.