Tradeable Energy Performance Standards Act

Support for Energy Efficiency and Infrastructure: Through the Offset Program, grants can be awarded for activities such as improving energy efficiency in existing facilities, improving the electrical grid, and installing electric vehicle charging stations (Section 708).

Transition to Low-Carbon Transportation: The Offset Program allows for grants to replace fossil fuel-powered vehicles used by State or local agencies, as well as ground airport and seaport vehicles, with electric or low-carbon alternatives (Section s 708).

Promotion of Electric Appliances: The bill provides for grants to help replace natural gas space heaters, water heaters, and stoves with electric appliances (Section 708).

Economic Monitoring and Evaluation: The Comptroller General is required to submit reports every two years that evaluate how effective the bill is at creating and preserving jobs and ensuring a manageable transition to a zero-emission economy for working families and workers (Section 710).

Financial Penalties for Noncompliance: Owners or operators of covered facilities that fail to submit the required emission allowances must pay a penalty equal to three times the highest market price of an allowance multiplied by the number of missing allowances (Section 709).

Requirement for Additional Emissions Submissions: Facilities that fail to submit required allowances must also submit a number of replacement allowances equal to the amount they missed by the deadline of the second succeeding calendar year (Section 709).

Mandatory Payments for Compliance: Facilities may be required to make "Alternative Compliance Payments" in lieu of submitting an emission allowance, with costs increasing annually from $50 in 2028 up to the Social Cost of Carbon in 2048 (Section 703).