Prepared for Pace by CRS

Voluntary and Corporate Renewable Energy in New York: Challenges to Maximize Voluntary Benefits and Meeting States Goals

Since the adoption of New York's Renewable Portfolio Standard (RPS) in 2004, voluntary and compliance markets for renewable energy have been used together to meet state goals and drive in-state development. Today, the New York State Energy Plan (SEP) coordinates the Governor's energy initiative, Reforming the Energy Vision (REV), and the State's Energy Standard (CES). However, it is yet to be determined what proportion of the goals the voluntary market will represent, what requirements will be placed upon it, and whether or not generation serving voluntary buyers will be surplus to regulation. Like the rest of the Northeast, New York residents and businesses buy a large volume of voluntary green power, but New York does not supply much of it. This is an opportunity to capture private investment dollars and emissions reductions that are currently leaving the state.

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