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SB 1262 - This act allows for low interest loans through the linked deposit loan program for eligible alternative energy operations producing and selling fuel or power from alternative energy sources including solar, hydroelectric, wind, and qualified biomass. The act creates a tax credit for the purchase and installation of certain residential renewable energy systems, which include solar, wind, and geothermal systems. The tax credit shall be equal to 30% of the cost to acquire and install such a system during the tax year, not to exceed $5,000. The taxpayer may also receive a tax credit equal to 15% of the cost to purchase and install the system for the next three succeeding tax years, not to exceed $5,000 per year. The tax credit may be carried forward to the next three succeeding tax years but is not transferable. The tax credit shall sunset in 6 years unless reauthorized. During calendar years 2009, 2010, and 2011, sales of solar-electric photovoltaic cell systems, wind energy systems, anaerobic digesters, and fuel cells fueled by renewable resources for residential and commercial purposes shall be exempt from state and local sales and use taxes. The act repeals the Green Power Initiative (Sections 393.1025, 393.1030, and 393.1035, RSMo) and instead creates the Renewable Energy Standard. Under the Renewable Energy Standard, the Public Service Commission (PSC), in consultation with the Department of Natural Resources, shall prescribe by rule a renewable energy portfolio for all electric utilities. Any such rules shall require electric utilities to ensure that energy produced from renewable sources constitutes at least: 2% of annual energy sales for calendar years 2011 through 2013; 7% of annual sales for calendar years 2014 through 2017; 15% of annual sales for calendar years 2018 through 2020; and 20% of annual sales each calendar year thereafter. At least 10% of each portfolio requirement shall come from electricity derived from zero-emission distributed energy resources. Utilities may comply with the standard by purchasing renewable energy credits. The PSC shall track and verify the trading of renewable energy credits, with certain requirements for the credits as listed in the act. The act allows the PSC to assess penalties against electric utilities for non-compliance with the Renewable Energy Standard and allows certain forfeited revenues to be used by the Department of Natural Resources' Energy Center for renewable energy and energy efficiency projects. Certain rate increases and rate recovery requirements related to the Renewable Energy Standard are listed in the act. Rules promulgated by the PSC pertaining to net metering for certain size systems shall follow the model by the Interstate Renewable Energy Council. After 2009, electric utilities shall offer a rebate to retail customers of at least $1 per installed watt for new or expanded solar power systems up to maximum of 25 kilowatts. ERIKA JAQUES
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