What Types of Certificates can be Banked?
- Renewable Energy Certificates (RECs)
- Certificates from Non-renewable Fuel Cells.
- Bundled (associated with physical power in NY)
- Unbundled (Certificate Only)
Note - All Account Holders are eligible to bank non-RES Tier 1 Renewable Certificates indefinitely for voluntary retirement purposes.
Banking rules specific to RES Tier 1 Certificates
- General Accounts may not bank certificates with Tier 1 Eligibility.
- Banking Tier 1 RECs is only allowed in June.
- LSEs may not bank Tier 1 RECs until they have met their RES obligation for the compliance year matching the Certificate vintage.
- LSEs are limited to banking Tier 1 RECs (any vintage) up to 60% of their current year obligation.
How to RECs can be Banked?
There are two ways that Certificates may be deposited into the Banked Subaccount:
- An Account Holder may transfer Certificates from its own Active Subaccount to its own Banked Subaccount.
- An Account Holder can transfer Certificates from their Banked Subaccount to another Account Holder’s Banked Subaccount.
How can Banked RECs be used?
There are three ways to withdraw or remove Banked Certificates from a Banked Certificate Subaccount:
- Banked Certificates may be returned to the Account Holder’s Active Subaccount at any time prior to the end of trading associated with the calendar year in which the generation represented by that Banked Certificate was created.
- Banked Certificates may be transferred to the Account Holder’s Retirement Subaccount at any time.
- Banked Certificates may be transferred to another General Account Holder’s Banked Subaccount.
Additional Notes on Transferability of Banked RECs
- Banked Tier 1 RECs can only be transferred to LSEs with an EDP Sub-Account (i.e. that have a compliance obligation).
- A Banked Tier 1 REC that was purchased from NYSERDA cannot be transferred to another account holder, it can only be retired.
- Non-RES Tier 1 Renewable Certificates in a Banked Subaccount as of the annual Settlement will thereafter only be eligible for transfer to another Account Holder’s Banked Subaccount or to the Account Holder’s Retirement Subaccount for future voluntary retirement, and will not be included on the Environmental Disclosure Label.
- After annual settlement, Certificates can be transferred back to an Active subaccount.
- Non-RES Tier 1 Banked Certificates have no expiration and will remain active until retired or exported to a compatible tracking system