HB 1550

Abstract

Creates the Renewable Solar and Wind Energy Act. Provides that beginning July 1, 2007, certain entities not in the electric utility business or in the gas distribution business may apply to the electric utility serving the situs of the entity for an investment cost recovery incentive for each kilowatt-hour from a customer-generated electricity renewable energy system installed on the entity's property that is not interconnected to an electric distribution system. Requires applicants to submit a certification to the Department of Revenue before being approved for the incentive. Requires applicants to keep records of incentives received. Provides for recovery of incentives due and remittance of excessive incentives. Provides tax credits for certain participating entities. Requires the Department to report to the Environment and Energy Committees of the General Assembly by December 1, 2011 on the impact of this Act.