IN HB1231

Expands Indiana's "clean energy projects" definition to include low carbon dioxide emitting and noncarbon dioxide emitting energy production facilities, making them eligible for financial incentives previously limited to coal-focused projects

Allows utilities to recover "qualified utility system expenses" including preconstruction costs (siting, design, licensing, permitting) for new energy facilities, even if the facility is never built

Adds combined heat and power facilities to the list of qualifying renewable energy resources eligible for financial incentives

Authorizes the Indiana Utility Regulatory Commission to provide financial incentives including timely cost recovery and up to 3 additional percentage points on return on equity for eligible projects, including purchases of energy from low/non-carbon facilities

Requires annual studies on the use, availability, and economics of both renewable energy resources and low/non-carbon technologies in Indiana