SB21-020 Summary

• Adds definitions for "energy storage system" and "clean energy resource" as types of public utilities subject to property tax valuation for renewable energy facilities.

• Modifies valuation of renewable energy facilities by allowing nameplate capacity of energy storage systems to be included alongside generation capacity when calculating incremental construction costs.

• Extends the tax factor period from 20 years to 30 years for renewable energy facilities that begin generating energy on or after January 1, 2021, maintaining revenue equivalence over the longer timeframe.

• Applies similar income-based valuation methods used for wind and solar facilities to energy storage systems and clean energy resources, with valuation capped at a depreciated cost basis floor when tax factors do not apply.

• Extends valuation procedures for solar energy facilities under 2 megawatts to qualify for the renewable energy facility valuation method starting January 1, 2021.