N.Y. Comp. Codes R. & Regs. tit. 2 § 120.1

Current through Register Vol. 46, No. 53, December 31, 2024

Section 120.1 - Statement of purpose

The purpose of this Part is to implement the provisions of section 127-a of the State Finance Law. Chapter 706 of the Laws of 1982 added paragraph g to section 5-107(1) of the Energy Law and section 127-a to the State Finance Law. Paragraph (g) requires the State Energy Office to assist in the establishment of procedures to qualify certain energy conservation expenses for reimbursement pursuant to section 127-a. Section 127-a provides that any facility, which has a current operating certificate issued by a State agency and is receiving reimbursement from such agency for qualified energy expenses, may annually apply to the agency to have included in such reimbursement, expenses incurred after July 1, 1982, and actually paid in each fiscal year, or, qualified expenses actually paid but not reimbursed in previous years, for construction, alteration, repair or improvement of the facility's capital assets for the purpose of conservation of energy. Such reimbursement is subject to the proviso that:

(a) the reimbursement for such expenses in any year does not exceed the estimated cost of energy saved in that year;

(b) the length of time of such payments does not exceed the estimated life of the energy conservation measures or the property affected, but in no event is greater than 15 years; and

(c) such estimates have been made in accordance with procedures established by the Department of Audit and Control.

Section 127-a further provides that the Comptroller shall promulgate rules and regulations for the implementation of the section.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 120.1