SB 1878 Summary

• Establishes the "Babcock Sustainable Community Demonstration Project Act" to certify projects demonstrating clean renewable energy systems and smart grid technologies as economic development catalysts.

• Requires certified projects to be at least 10,000 contiguous acres, produce more renewable electricity than annually consumed, incorporate smart grid infrastructure, and include research partnerships with Florida's State University System.

• Authorizes certified projects to recover all reasonable and prudent costs for renewable energy facilities through the Public Service Commission's environmental cost-recovery clause.

• Requires providers to initiate proceedings with the Public Service Commission no later than January 1, 2013, and report construction costs, operating expenses, and energy production data.

• Directs the Public Service Commission to consider factors including energy cost stabilization, fuel diversity, job creation, and renewable energy competitiveness when approving cost recovery.