HI HB348

Allows counties to establish an opt-in program by ordinance that permits annual payments in lieu of real property taxes on land or improvements used to produce or store renewable energy sold to electric utilities under power purchase contracts.

Requires that any county ordinance establishing such a program must also exempt renewable energy projects from 100 percent of real property taxes.

Allows counties to determine the payment amount on a per megawatt nameplate alternating current (AC) capacity basis.

Addresses concerns that sudden property tax reclassifications of renewable energy projects have jeopardized project viability and threatened Hawaii's goal of achieving 100 percent renewable energy by December 31, 2045.

Takes effect July 1, 3000.