Capping renewable energy credits to 10% of a building’s electricity emissions in excess of its limit.

A Local Law to amend the administrative code of the city of New York, in relation to capping renewable energy credits to 10% of a building’s electricity emissions in excess of its limit

This bill would limit the deduction a building owner can take due to the purchase of renewable energy credits in order to comply with Local Law 97 of 2019. A building would be limited to using RECs to offset any excess of its annual building emissions limits for up to 10% of the building’s electricity emissions.