In a Boost to Co-ops and Condos, State Budget Backs Wind Farms

For New York City co-op and condo boards struggling to cut their buildings’ carbon emissions enough to satisfy the stringent Climate Mobilization Act, the state’s $220 billion budget for 2022-23 contains some welcome news. Most notably, Crain’s reports, the budget includes a record-breaking investment in renewable energy and in trying to protect the environment from climate change.

For co-op and condo boards trying to wean themselves from fossil fuels, a key alternative will be electricity provided by renewable sources, including solar, geothermal, hydroelectric and wind. The state budget includes $500 million investment in the state’s offshore wind supply chains and port infrastructure.

Julie Tighe, president of the New York League of Conservation Voters, called the funding a “big win” for the state’s green economy. “Building out that supply chain infrastructure is critical,” she said, “and having a major commitment from the state of New York is really necessary to show the manufacturers that we're serious about wind.”

In February, New York broke ground on its first offshore wind farm. South Fork Wind, which was jointly developed by Ørsted and Eversource off Long Island, is one of five offshore wind projects in active development in New York — the most of any state in the country. Those combined projects are expected to generate more than 4,300 megawatts of electricity and power 2.4 million New York homes. By 2035, the state aims to generate 9,000 megawatts to handle roughly 30% of the state’s electricity needs. For co-op and condo boards trying to reduce their buildings’ carbon emissions, that “green” electricity can be used to power heat pumps and convection ovens, ending the need for gas-fired boilers and appliances.

Another core component of the state’s vision for a greener future is the $4.2 billion Clean Water, Clean Air, and Green Jobs Environmental Bond Act of 2022, which New Yorkers will have the opportunity to vote on in November. If it’s approved by voters, the state will issue bonds that will fund capital projects to reduce the impact of the climate crisis, including resilient infrastructure, water quality upgrades and habitat restoration.