New York State bet heavy on Long Island in its latest round of ReCharge NY funding.
Leveraging $16.2 million in capital investments, the New York Power Authority will send 1,296 kilowatts of low-cost power to 13 Long Island-based businesses, representing significant chunks of the kWs distributed (5,346 total) and statewide capital investments leveraged ($57.7 million) in Tuesday’s ReCharge NY announcement.
The Island’s low-cost kilowatts were second only to the 2,046 kWs being funneled to Western New York, while those Island-region capital investments trailed only the $17 million invested in low-cost energy efforts in the Finger Lakes region.
All told, the New York Power Authority Board of Trustees approved low-cost power allocations to 30 businesses and nonprofit organizations, facilitating the retention of 1,362 jobs and the creation of 230 new positions statewide, according to Gov. Andrew Cuomo’s office.
On Long Island, the 13 organizations, including 12 for-profit commercial enterprises and one nonprofit, are expected to retain 629 of those jobs and create 79 new ones – 46 percent and 34 percent of the total state numbers included in this round.
“By reducing the burden of energy costs for businesses, this program has stimulated job creation and spurred new capital investments,” Cuomo said in a statement.
The Long Island businesses included in Tuesday’s announcement include Aljo-Gefa Precision Manufacturing of Old Bethpage, Chembio Diagnostics Systems of Medford, John Hassall Inc. of Westbury, Local TV Inc. of Wainscott and Hicksville Machine Works Corp.
Also included were West Babylon’s MPI Consulting, Plainview’s Ozone Acquisition, Ronkonkoma’s PCX Aerostructures, East Farmingdale’s PQ Recycling and Ronkonkoma’s Qosina Corp.
Commercial firms Sylhan LLC of Edgewood and Top Hat Uniforms of Hicksville also made the list, as did the nonprofit Research Foundation Corp.’s Advanced Material & Manufacturing Technology Innovation Center in Plainview.
To date, ReCharge NY has funneled more than 783 low-cost megawatts to 694 for-profit and 73 nonprofit organizations around the state.
Selection criteria include the overall cost of doing business – including the cost of electricity – in the applicant’s region, the importance of the organization to the local economy and the likelihood the organization might relocate or fold without the assistance.
Doling out low-cost power on sliding contracts up to seven years in length, ReCharge NY distributes juice generated by the Niagara and St. Lawrence-Franklin D. Roosevelt hydroelectric plants, “which provide some of the lowest-cost electricity in the state,” according to the governor’s office.
The program also incorporates roughly 455 low-cost megawatts purchased annually by the New York Power Authority on the wholesale market.
Distributing low-cost power to those companies and charities allows them to “invest further in their operations,” noted New York Power Authority Chairman John Keolmel.
“Low-cost power can be a huge boost for firms.” Keolmel noted. “Especially small businesses, where the effects directly translate to bottom-line savings.”