Establishes a fuel cell incentive program

This bill creates a state-funded incentive program to encourage the development and installation of fuel cell generating systems in New York. Managed by the New York State Energy Research and Development Authority, the program is designed to support various types of fuel cell technologies, including solid oxide and proton exchange membrane systems. The legislation mandates a minimum annual spending of $50 million for investor-owned electric companies and $15 million for public authorities, with funds allocated from 2024 through 2034. These incentives aim to promote project diversity across different geographic areas and customer classes while ensuring cost-effectiveness and minimizing strain on the power grid.