NY A00504

Establishes a renewable electricity compliance program requiring load serving entities to procure increasing percentages of renewable energy, reaching 70% by December 31, 2032, with biennial targets of 30% (2022), 38% (2024), 46% (2026), 54% (2028), and 62% (2030).

Defines qualified renewable energy systems to include photovoltaics, wind, hydroelectric, geothermal, solar thermal, tidal, wave, ocean thermal energy, and non-fossil fuel cells, located either in New York or adjacent control areas with documented contract paths.

Requires load serving entities to comply by purchasing renewable energy credits (RECs) directly from renewable projects or through the New York Energy Research and Development Authority, with alternative compliance payments set at 125% of the previous year's REC sale price for shortfalls.

Mandates 6,000 megawatts of distributed solar in commercial operation by December 31, 2027, and 9,000 megawatts of offshore wind by 2037, while requiring 185 trillion British thermal units of customer-level energy reduction by 2027.

Directs the New York Energy Research and Development Authority to establish an annual procurement program through 2030 for large-scale solar and on-shore wind projects to enter into long-term renewable energy credit contracts.