HR8961-118

1. Short title This Act may be cited as the Renewable Energy Certificate Study Act of 2024.

2. Renewable energy certificates study The Comptroller General of the United States shall conduct a study of the use of renewable energy certificates by Federal agencies. In conducting the study under subsection (a), the Comptroller General shall evaluate— the extent to which the aggregate market demand for each type of renewable energy certificate, or other energy attribute certificate, leads to new investments in renewable energy generation capacity relative to scenarios in which such demand is absent; the progress Federal agencies have made towards complying with Executive Order 14057 (85 Fed. Reg 70935; relating to catalyzing clean energy industries and jobs through Federal sustainability), regarding the directives of such Executive Order for energy procurement and compliance with existing statutory requirements, by using— renewable energy certificates, including the progress made by using each type of renewable energy certificate; and approaches other than renewable energy certificates; whether renewable energy certificates, power purchase agreements, or onsite renewables, could be used by Federal agencies to meet the requirements of Executive Order 14057 and section 203 of the Energy Policy Act of 2005 (42 U.S.C. 15852), and the trade-offs of using one such form of compliance over the others, including— the difference in the average cost of each form of compliance to Federal agencies; and the risk to Federal agencies of becoming noncompliant with Executive Order 14057 and section 203 of the Energy Policy Act for each form of compliance; the average cost Federal agencies have incurred by using renewable energy certificates to fund— existing renewable energy projects; and new renewable energy projects that otherwise would not have been implemented without the sale of renewable energy certificates; and the average cost Federal agencies would incur by only using renewable energy certificates, power purchase agreements, or onsite renewables to fund new renewable energy projects. The Comptroller General shall submit to Congress a report— detailing the findings of the study conducted under subsection (a); and providing recommendations for legislation and administrative action, the Comptroller General considers appropriate, to improve the impact the renewable energy certificates market has on Federal Government investments in renewable energy generation.