New York’s Proposed Solar Renewable Energy Market: Lessons Learned From Other States’ SREC Markets and Recommendations in Moving Forward

This paper presents analysis of eight states that currently have operating solar renewable energy credit markets as part of their state’s renewable portfolio system, in order to make recommendations as to how the New York legislature should amend the pending legislation based on lessons learned from those other states. In Part II, the different SREC markets that have been implemented in different states throughout the United States are examined. In Part III, the different issues that varying SREC markets have encountered will be discussed, and several possible explanations as to the causes of these issues are presented. In Part IV, recommendations are set forth for lawmakers in New York in how to create a viable SREC market while using lessons learned from other states in order to avoid many of the issues they have encountered. Lastly, the future outlook for a viable SREC market in New York is summarized