NH HB1738

Reduces New Hampshire's carbon dioxide emissions budget allowances under the Regional Greenhouse Gas Initiative (RGGI) more aggressively than current law, setting caps of 2,993,220 allowances for 2027, 2,619,068 for 2028, 2,244,915 for 2029, and 1,870,763 for 2030 and thereafter

Establishes a two-tier cost containment reserve system that releases up to 503,667 additional allowances when auction prices reach specified trigger levels (e.g., $19.50 in 2027), with a second tier of 503,667 more allowances at higher prices (e.g., $29.25 in 2027)

Removes definitions and references to offset allowances, early reduction allowances, and various banked allowance calculations from the existing RGGI program structure

Implements the third RGGI Program Review adopted by participating states, which is necessary to maintain New Hampshire's eligibility to participate in RGGI auctions

Expected to generate approximately $33-46 million annually in auction proceeds for the Energy Efficiency Fund during 2028-2030, which provides electricity ratepayer rebates, though this is lower than the approximately $65.8 million received in 2024