NY A06949

Exempts closed-loop geothermal boreholes deeper than 500 feet from regulations currently applied to oil and gas wells and other deep wells.

Closed-loop geothermal systems do not inject into or extract from the ground, and thus should not be subject to the same permitting requirements as extraction wells.

Estimated to reduce building decarbonization costs by $9.9 billion by 2050 and save approximately $900 million in costs for electrifying one million homes by 2030.

Extends the existing permitting rules for shallow geothermal systems (under 500 feet) to deeper geothermal boreholes to reduce technical and permitting barriers for ground-source heat pump installations and thermal energy networks.

Takes effect immediately upon enactment.