NY S06604

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

Closes permitting loophole by extending the same regulatory treatment for shallow geothermal systems (under 500 feet) to deeper geothermal boreholes.

Estimates cost savings of $9.9 billion by 2050 for building decarbonization, $900 million for electrifying one million homes by 2030, and $9 billion for electrifying 85% of building stock by 2050.

Reduces technical and permitting barriers to ground-source heat pump installations and thermal energy network projects that use multiple boreholes.

Takes effect immediately upon enactment.