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CIT Backs Clean Energy Initiative for New York

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The sun is the most significant energy source for our bodies, but it is also a readily available renewable fuel. Moreover, the recent developments in solar technology reduced upfront costs, and improved solar cell efficiency has set up solar power technology as the most reliable fuel for the future.

The Debut of Solar Energy

When solar technology first debuted, it was considered a brilliant idea but lacked the affordability to implement on a larger scale, especially for a domestic consumer. However, more farms can now produce high volume solar cells that are more efficient, longer-lasting and have a lower installation cost and construction friendly design than a decade ago. Moreover, solar energy it’s more important than ever because, with climate change, a pressing concern is that non-renewable fuel sources will need a replacement sooner than later.

The Pandemic

The pandemic made the world face many issues that have been knocking at the door for years now. The lockdowns laid bare the inconsistencies, poor long-term planning, and loopholes in the existing global energy infrastructure. Arab states: key exporters of oil products realize that there is no future in oil and their investment portfolios show that they regard solar energy as the future. Sunny regions can fuel their futures with cheap solar power if the climate is factored in. The returns on solar energy plants are above average, and investors are raising their stakes in the industry. Solar energy is predicted to transform akin to the telecommunications industry, and when the boom happens, more consumers will be able to install, afford and save on electricity bills. The existing processes for producing electricity are less than ideal; the use of coal, oil or interfering with natural water bodies has only led to harmful emissions and a general disruption of Earth’s ecosystems. However, as more financial institutions and businesses become aware of solar energy’s importance and lucrative future, rationalizing investment in solar technology is becoming mainstream. For example, The start of the year has brought great news for clean energy initiatives in the U.S. CIT, a part of the “First Citizen’s Bank”, has come forward as a significant financial contributor for Amp’s NY3 solar installations in New York. Amp Energy is a leading developer for sustainable energy projects and is currently working on six different locations spread out across central New York. Together these projects have a planned output capacity of 34 MW. The energy produced will be sold to local consumers and businesses. The project is set to operationalize in the first quarter of 2022, signaling a positive outlook for solar technologies. Energy dynamics are shifting towards renewable sources, and financing of $50.5 million arranged by a central bank division is promising for the future of solar power technology.

Since its inception in 2009, Amp has expanded its platform. The company has a presence across North America, the UK, Czech Republic, Spain and Japan. Amp is considered a global presence in the renewable energy sector. In 2021 CIT was the lead arranger for financing the AMP NY2, another solar project with 40 MW capacity, located on five different locations, of which three are dedicated battery storage sites of nine megawatts each. The company has come to be recognized as a significant supporter of clean energy.