SB2770 Summary

• Authorizes counties to establish an opt-in program allowing annual payments in lieu of real property taxes for land or improvements actively 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 also exempt renewable energy projects from one hundred percent of real property taxes.

• Allows counties to determine payment amounts on a per megawatt nameplate alternating current capacity basis rather than traditional property tax assessments.

• Intended to provide price stability and certainty for renewable energy projects seeking long-term fixed-price contracts with electric utilities to support Hawaii's goal of achieving 100 percent renewable portfolio standard by December 31, 2045.

• Effective date: July 1, 3000.