Summary of A.975 - New York Renewable Energy Development and Jobs Act of 2015

• Requires retail electric suppliers to annually procure renewable energy credits (RECs) in increasing percentages from 0.05% in 2017 to 0.85% by 2030, with continuation beyond 2032 if New York fails to achieve 35% renewable energy by that year.

• Mandates that at least 25% of each supplier's annual REC obligation must come from small distributed renewable energy systems (≤100 kilowatts), with provisions for waivers if suppliers cannot reasonably meet this requirement.

• Establishes a renewable energy credit tracking system through the New York State Energy Research and Development Authority, with RECs eligible for use in the year created and the following two compliance years.

• Allows suppliers unable to meet REC obligations to make alternative compliance payments to the Public Service Commission, with collected funds directed to renewable energy programs administered by the state authority.

• Applies similar REC procurement requirements to the New York Power Authority and Long Island Power Authority, with higher percentage requirements (0.25% to 4.50% by 2030) and reporting obligations to legislative and budget oversight bodies.