The New York Geothermal Energy Organization (NY-GEO) - Commends The New York Legislature for Voting to Reform Geothermal Drilling Regulations
- S&P 500, Nasdaq notch biggest weekly losses since March
- S&P 500 could end the year over 10% higher from here - Piper Sandler
- Citi says Meta shares to rally in near term on share gains, upcoming AI event
- Ads are coming to Amazon Prime Video next year; Stock pops
- 'Sell the last rate hike' strategy is in action, stocks could fall further - BofA's Hartnett
Legislation will remove outdated regulations and lead to billions of dollars of cost savings for geothermal heat pump installations and save money on heating and cooling for
The authors and champions of this legislation,
"Ensuring that the renewable heating and cooling of geothermal energy is less expensive and more easily available for New Yorkers is significantly important in achieving our climate goals," said Assemblymember
Jens Ponikau, President - NY-GEO and co-owner Buffalo Geothermal stated, "To expand the drilling depth for closed loop geothermal bore holes is an important step forward to enable geothermal systems to be installed in dense urban settings. We would like to thank the Legislature, the Governor and especially the Department of Environmental Conservation (DEC) to further enable geothermal technologies to thrive in
"This positive move by the Legislature gives
The legislation was supported by numerous allied organizations whose support helped ensure its success, including Alliance for a Green Economy (AGREE), the Building Decarbonization Coalition (BDC), Consolidated Edison (ConEd), the New York League of Conservation Voters (NYLCV), and the New York Public Interest Research Group (NYPIRG).
The change in current regulations that treat geothermal systems at depths greater than 500' like oil and gas drilling will remove barriers to buildings with a smaller footprint. Residential and commercial buildings not able to benefit from the energy bill savings of geothermal heat pumps now can. The ability to drill beyond 500' will make geothermal systems more affordable to install and accessible to more New Yorkers, saving billions in installation and energy costs. Additionally, the legislation will improve the consistency of geothermal installations by consolidating all geothermal regulations under the Department of Environmental Conservation Division of Water, which currently regulates geothermal boreholes less than 500 feet deep.
This regulatory change aligns with the key recommendations of the Climate Action Council in its Scoping Plan. It's an important step toward the state's goal of two million electrified and electric-ready homes by 2030. The geothermal heat pump industry is installing hundreds of systems for
NY-GEO founded in 2014, is dedicated to promoting geothermal heat pump (GHP) to heat and cool buildings throughout New York State, grow the GHP industry and develop its workforce, while educating policy makers and residents about the benefits of GHP. Our members represent HVAC Contractors, Developers, Manufactures, Drillers, ESCOs, Engineers, Organizations and Individuals supporting GHP.
To learn more about NY-GEO and our 200+ members visit www.ny-geo.org
View original content:https://www.prnewswire.com/news-releases/the-new-york-geothermal-energy-organization-ny-geo---commends-the-new-york-legislature-for-voting-to-reform-geothermal-drilling-regulations-301847377.html
SOURCE New York Geothermal Energy Organization
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- TECNO Globally Launches PHANTOM V Flip 5G: Representing Flip in Style and Perfect in Pocket
- Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Hawaiian Electric, Masimo, and Origin and Encourages Investors to Contact the Firm
- TECNO Celebrates Iconic Innovation and Design at its Flip In Style Flagship Product Launch
Create E-mail Alert Related CategoriesPRNewswire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!