HI HB2517

Authorizes counties to establish opt-in programs allowing annual payments in lieu of real property taxes for land or improvements used to produce or store renewable energy sold to electric utilities under power purchase agreements.

Requires that any county ordinance establishing such a program must exempt renewable energy projects from one hundred per cent of real property taxes.

Allows counties to determine payment amounts on a per megawatt nameplate alternating current capacity basis.

Intended to provide tax stability and fixed pricing certainty for long-term renewable energy contracts (typically twenty years or more) to support Hawaii's goal of achieving one hundred per cent renewable portfolio standard by December 31, 2045.

Takes effect July 1, 3000.