NY A08241

Requires electric corporations selling electricity to retail customers in New York to include minimum percentages of qualified renewable energy in their portfolios: 30% for energy years 2015-2019 and 40% with at least 2% from solar for energy year 2020 and beyond.

Establishes renewable energy certificates (RECs) and solar renewable energy certificates (SRECs) as tradable instruments to demonstrate compliance, with the New York State Energy Research and Development Authority issuing certificates representing one megawatt-hour of generation each.

Allows electric corporations to meet requirements through retirement of renewable energy certificates or by making alternative compliance payments set by the Public Service Commission at prices higher than the estimated competitive market cost.

Requires solar facilities to register with the Commission, meet specific permitting requirements, and maintain a 15-year qualification life during which their generated electricity can form the basis for solar renewable energy certificates.

Mandates annual reporting by electric corporations to demonstrate compliance by October 1st each year, with penalties including license suspension, financial penalties, cost disallowance, and prohibition on accepting new customers for violations.