An earlier tax tracker (Real Property Taxation of Solar and Wind Energy Systems In New York State | Farrell Fritz Intel) highlighted efforts by the NYS Legislature to encourage the development of renewable energy projects by enacting a series of Real Property Tax Law amendments intended to streamline the valuation process for wind and solar facilities for assessment and taxation purposes. The intended goal of the amendments being to provide a uniform and reliable valuation process that stakeholders could predictably rely on.
A new Report by the Office of the NYS Comptroller analyzes New York State’s efforts in meeting the important public policy considerations established by the Climate Leadership and Community Protection Act (“CLCPA”). The Report found the State must increase electricity from renewable generators, including hydro, solar and wind power, by more than 200% to reach its goals under the CLCPA. Among the factors contributing to the State’s delayed progress, the Report cited inconsistent provision of the various incentive programs offered by the State to stimulate the market and ensure that there are enough renewable electric generation projects to meet the State’s goals.
Per the Report, the State must produce an additional 78,073 gigawatt hours (200,000 homes or 50% more than currently generated) through renewable sources over 2022 levels. The goal of the CLCPA is to provide 70% of the State’s electricity needs through renewable sources by 2030, seeking an end to dependence on electricity from generators powered by fossil fuels.
Read more about the Report here: DiNapoli: State Needs to Supercharge Efforts to Meet Renewable Electricity Goals | Office of the New York State Comptroller
Thank you Michael P. Guerriero for this week’s Tax Tracker post!