Senate Bill No. 598 Summary

• Repeals and replaces sections 393.1025, 393.1030, and 393.1050 relating to Missouri's renewable energy standard.

• Establishes renewable energy portfolio requirements for electric utilities: 2% by 2013, 5% by 2017, 10% by 2020, and 15% by 2021, with at least 2% derived from solar energy.

• Requires utilities to offer solar rebates to residential customers for systems up to 25 kilowatts, with rates decreasing from $2 per watt (through June 2014) to zero cents per watt (after June 2020).

• Limits average retail rate increases to 1% maximum to comply with renewable energy standards and establishes penalties of at least twice the market value of renewable energy credits for utilities failing to meet targets.

• Allows utilities to purchase renewable energy credits (RECs) and includes a certification process for renewable energy generation conducted by the Department of Natural Resources in consultation with the Public Service Commission.