Press Center

SENATE PASSES MEASURES TO HELP BUSINESSES SAVE ENERGY DOLLARS

FROM THE OFFICE OF SENATOR KENNETH P. LAVALLE

6/5/2008

Senator Kenneth P. LaValle today announced that the Senate has passed two measures that would help commercial businesses save money in energy costs. The bills would provide tax credits for the installation of alternative energy and electric systems and allow businesses to receive credit against their use for the excess energy produced.

“The rising cost of energy has made it difficult for many businesses on Long Island to sustain their economic viability,” said Senator LaValle. “The installation of alternative energy sources will help businesses meet their demand for power at a reduced cost and pass that savings on to their consumers.”

Senator LaValle noted that the combination of measures passed in the Senate provide incentives for businesses to install alternative energy generating systems that save money and reduce dependence on traditional energy sources. The first measure would create a business tax credit to help offset the cost of installing qualified alternative energy systems. The cleaner energy sources would save the business money and protect the environment.

In a separate action, the Senate passed a bill that would allow businesses to send any excess energy generated by alternative energy sources back to the utility. The business would then receive an equal credit against their own usage.

“The measures we passed will make investments in alternative energy systems more attractive to businesses, particularly those with high energy demands,” said Senator LaValle. “The additional generation of energy will also expand New York’s energy resources and reduce our reliance on nonrenewable technologies.”