Establishes a tradeable geothermal renewable energy credit compliance instrument for load serving entities.

New York S09648 creates a tradeable geothermal renewable energy credit (GREC) compliance instrument for load serving entities. The bill mandates that eligible geothermal heating and cooling systems meet performance standards. Only installations placed in service after January 1, 2026, are eligible to generate GRECs. Load serving entities must procure and retire GRECs based on a percentage of their prior-year retail electric sales, increasing annually. The New York state energy research and development authority establishes the alternative compliance payment price per GREC.

Establishes a tradeable geothermal renewable energy credit compliance instrument for load serving entities.

New York S09648 creates a tradeable geothermal renewable energy credit (GREC) compliance instrument for load serving entities. The bill mandates that eligible geothermal heating and cooling systems meet performance standards. Only installations placed in service after January 1, 2026, are eligible to generate GRECs. Load serving entities must procure and retire GRECs based on a percentage of their prior-year retail electric sales, increasing annually. The New York state energy research and development authority establishes the alternative compliance payment price per GREC.