New York bill to create NY SREC program

Posted June 4th, 2010 by SRECTrade.

The New York state legislature has proposed a renewable portfolio standard with a solar carve out. Bill No. A11004 in State Assembly and Bill No. S7093 in the State Senate (jointly know as New York Solar Industry Development and Jobs Act of 2010) would require electric suppliers to purchase SRECs for 0.05% of their electric sales 2012, increasing gradually to 2.50% in 2025.

New York has traditionally used solar rebates and utility level solar incentives and is now considering in light of their success in states like New Jersey and Pennsylvania.

The SREC requirement proposed for NY are similar to those enacted in NJ and MD although NY is a significantly bigger population and power consumer. This RPS would dramatically increase the demand for solar renewable energy credits and take some of the pressure of the markets like DC that are currently the only home for the SRECs produce by solar PV installations in New York State.

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