FL H1471

Deletes the requirement for the Public Service Commission to adopt renewable portfolio standards and eliminates provisions for renewable energy credits (RECs).

Requires the commission to approve renewable energy projects that meet specified criteria including use of industry best practices, technical qualifications of builders/operators, positive environmental impact with greenhouse gas reduction, local economic benefits, fuel diversity, and water resource minimization.

Establishes a renewable energy project approval process with a 10-day scheduling requirement for formal hearing and 90-day voting deadline after petition filing; approves up to 700 megawatts of renewable projects for 2010-2012 plus 35 megawatts for solar applications.

Provides full cost recovery for reasonable and prudent renewable energy project costs plus a return on equity of at least 50 basis points above the provider's authorized rate if majority of energy-producing components are manufactured or assembled in Florida.

Exempts solar electrical generating facilities of any capacity from Florida Electrical Power Plant Siting Act certification requirements unless the applicant elects to apply.