IN SB0378

Requires electricity suppliers to meet escalating renewable energy percentages of total electricity supply, starting at 5% by December 31, 2015, and increasing by 2% annually to reach 25% by December 31, 2025.

Establishes the renewable energy resources fund, administered by the Indiana economic development corporation, to receive penalty payments of $50 per megawatt hour from suppliers failing to meet renewable energy requirements, with funds supporting research, manufacturing grants, and renewable energy projects.

Allows electricity suppliers to satisfy renewable energy requirements through owning, generating, purchasing, or trading renewable energy credits (RECs), with enhanced credit values for equipment made in Indiana, facilities constructed by Indiana workers, and energy available during peak demand periods.

Requires suppliers to use energy efficiency measures to generate at least 50% of required renewable electricity, with combined heat and power systems capped at 10% of requirements and out-of-state renewable energy imports counting for only 0.5 RECs per megawatt hour starting January 1, 2019.

Repeals the voluntary Clean Energy Portfolio Standard (CEPS) program and requires the utility regulatory commission to adopt guidelines assisting former CEPS participants in complying with the new mandatory renewable energy standards, effective July 1, 2015.