Gov. Mike Easley, D-N.C., has signed Senate Bill (SB) 3 – the Renewable Energy and Energy Efficiency Bill – establishing a renewable portfolio standard (RPS) for North Carolina. The law requires 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.
According to its text, SB 3 will ‘promote the development of renewable energy and energy efficiency in the state through implementation of a renewable energy and energy efficiency portfolio standard,’ 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.’
