Following several revisions to its original version, Senate Bill (SB) 3, the Renewable Energy and Energy Efficiency Bill, has passed both the House and Senate in North Carolina.
According to its text, SB 3 is designed to ‘promote the development of renewable energy and energy efficiency in the state through implementation of a renewable energy and energy efficiency portfolio standard (REPS),’ as well as ‘allow recovery of certain nonfuel utility costs through the fuel charge adjustment procedure’ and ‘allow a tax credit to contributors to 501(c)(3) organizations for renewable energy property.’
The REPS will require public utilities in North Carolina to obtain 3% of their electric power from renewables by 2012, 6% by 2015, 10% by 2018 and 12.5% by 2021. Electric membership corporations or municipalities must meet the 2012, 2015 and 2018 requirements, but are exempt from the 2021 requirement.
The bill will now be sent to Gov. Mike Easley, D-N.C., for final approval.