HI HB348

Allows counties to establish opt-in programs by ordinance that enable annual payments in lieu of real property taxes for renewable energy projects.

Applies to land or improvements actively used to produce or store renewable energy sold under power purchase contracts to electric utilities.

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

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

Takes effect July 1, 3000.