The New York State Assembly’s session ended on Friday, June 24th without the passing of the New York Solar Industry and Jobs Act, which would have established an SREC market in New York beginning in 2013. The bill is the assembly’s latest iteration of State Senate Bill S.4178A, which we covered in a blog post in May. Since then, the bill has received several edits:
*The compliance schedule for the implementation of solar has changed, with the first year’s targets reduced from a .33% solar requirement to a .15% requirement. The 2020 target of 1.5% solar has remained unchanged.
*The original $300 price floor for state-sponsored SREC sales has been removed, and SRECs will simply expire after 2 years.
*A multiplier making SRECs generated within a utility’s distribution region worth 1.5 the value of SRECs generated outside the distribution region was added.
Unfortunately, this important legislation will not be able to be addressed until the start of the 2012 session. Until then, the prospect of a NY SREC market has been put on hold.