HI SB2438

Requires the Hawaii Natural Energy Institute director to provide the Public Utilities Commission (PUC) with technology readiness assessments of renewable energy projects upon request.

Establishes nine technology readiness levels (TRL 1-9) based on the U.S. Department of Energy's assessment guide DOE G 413.3-4, ranging from early scientific research translation (TRL 1) to fully operational technology under all conditions (TRL 9).

Prohibits the PUC from approving renewable energy proposals or contracts with an unspecified technology readiness level threshold or below.

Allows the PUC to consider proposals above the specified readiness level only if positive external factors are found, including cost to consumers, job creation, capital attraction, and increased state tax revenues.

Exempts demonstration projects lasting less than three years with primary purposes for experimental and data collection from these requirements.