File #: Int 1180-2025    Version: * Name: Capping renewable energy credits to 10% of a building’s electricity emissions in excess of its limit.
Type: Introduction Status: Committee
Committee: Committee on Housing and Buildings
On agenda: 2/13/2025
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to capping renewable energy credits to 10% of a building's electricity emissions in excess of its limit
Sponsors: Carmen N. De La Rosa, Lincoln Restler, Tiffany Cabán, Farah N. Louis, Christopher Marte, Alexa Avilés, Shahana K. Hanif
Council Member Sponsors: 7
Summary: This bill would limit the deduction a building owner can take due to the purchase of renewable energy credits in order to comply with Local Law 97 of 2019. A building would be limited to using RECs to offset any excess of its annual building emissions limits for up to 10% of the building’s electricity emissions.
Indexes: Agency Rule-making Required
Attachments: 1. Summary of Int. No. 1180, 2. Int. No. 1180, 3. February 13, 2025 - Stated Meeting Agenda

Int. No. 1180

By Council Members De La Rosa, Restler, Cabán, Louis, Marte, Avilés and Hanif

A Local Law to amend the administrative code of the city of New York, in relation to capping renewable energy credits to 10% of a building’s electricity emissions in excess of its limit

Be it enacted by the Council as follows:

Section 28-320.3.6.1 of the administrative code of the city of New York, as amended by local law number 77 for the year 2023, is amended to read as follows:

§28-320.3.6.1 Deductions from reported annual building emissions for renewable energy credits. A deduction from the reported annual building emissions  resulting from the consumption of electricity may be authorized equal to the number of renewable energy credits purchased by or on behalf of a building owner, provided (i) the renewable energy resource that is the source of the renewable energy credits is considered by the New York independent system operator to be a capacity resource located in, or whose output directly sinks into, the zone J load zone for the reporting calendar year; (ii) the renewable energy credits are solely owned and retired by, or on behalf of, the building owner; (iii) the renewable energy credits are from the same year as the reporting year; [and] (iv) the building that hosts the system producing the energy does not receive a deduction under section 28-320.3.6.3 for the same energy upon which the renewable credits are based; and (v) the maximum allowable renewable energy credit deduction per building is no more than 10% of a building’s emissions in excess of the total annual building emissions limit, as prescribed by section 28-320.3. Covered buildings claiming deductions for renewable energy credits under this section must provide the department with the geographic location of the renewable energy resource that created the renewable energy credits. The department, in consultation with the mayor's office of long term planning and sustainability, shall promulgate rules to implement this deduction.

§ 2. This local law takes effect 120 days after it becomes law.

 

TZ/APM

LS # 10951/14675

12/6/24 11:45 AM