IN HB1362

Establishes a renewable energy standard requiring electricity suppliers to generate specified percentages of electricity from renewable sources: 4% by 2012, 7% by 2014, 10% by 2017, 15% by 2022, and 20% by 2027 for suppliers seeking financial incentives, with lower requirements for those opting out of incentive eligibility

Renewable energy resources include methane from waste and landfills, wind, solar, clean coal technology, dedicated energy crops, waste-to-energy facilities, hydropower from existing dams, geothermal heating, and energy efficiency measures

Public utilities complying with renewable energy standards may recover up to 50% of capital expenditures (capped at $10 million return) for extending gas or electric service to biofuel producers, with costs split equally between the utility and the customer

Creates financial incentives for electric line facilities projects, including timely cost recovery through periodic rate adjustments for transmission and distribution infrastructure that serves renewable energy generation

Imposes a $25 per megawatt hour penalty on electricity suppliers that fail to meet the renewable energy schedule, and directs the commission to encourage the use of American-made products in utility programs