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NY Gov. proposes "Green Bank" to spur clean energy

ALBANY, N.Y. (AP) -- New York Gov. Andrew Cuomo is proposing to create a "Green Bank" to spur private investment in clean energy projects.

In his State of the State address Wednesday, Cuomo says various state entities now collect and spend $1.4 billion a year on renewables and energy efficiency, with 80 percent of the spending in the form of one-time subsidies.

He said his proposal would encourage more private market activity in clean energy, create jobs, and reduce consumer prices for renewable and energy efficient energy sources.