SB 1724 Summary

• Requires solar energy systems to have minimum 50% of materials manufactured in Florida or 80% manufactured in the United States to qualify for sales tax exemption.

• Extends renewable energy investment tax credits through 2016 (from 2010) and increases annual limits to $25 million for hydrogen vehicles, $25 million for fuel cells, and $6 million for biofuels; adds new $500,000 per system cap for solar energy systems with $250 million annual state limit.

• Extends Florida renewable energy production tax credit eligibility through 2017 (from 2011) and increases annual credit cap to $250 million per state fiscal year.

• Exempts renewable energy developers with facilities of 5 megawatts or less located on host consumer premises from being classified as public utilities.

• Replaces renewable portfolio standard requirement with mandatory 2% annual renewable energy purchases by utilities through competitive auctions, with 25% minimum allocation to solar energy and provisions for cost recovery through environmental cost-recovery clause.

• Exempts solar and biomass electrical generating facilities of any capacity from Florida Electrical Power Plant Siting Act requirements unless applicant elects certification.