Substitute House Bill 554 Summary

• Revises renewable energy benchmarks for electric utilities and service companies, requiring 12.5% of electricity from renewable sources by 2027 (including 0.5% from solar), with compliance payments for noncompliance instead of forfeitures for earlier years.

• Modifies energy efficiency and peak demand reduction requirements, changing cumulative savings targets to 17% by 2027 and extending compliance years to 2016-2027, with forfeitures only assessed for specified years.

• Requires electric utilities and service companies to submit annual reports to the Public Utilities Commission detailing compliance with renewable energy and energy efficiency provisions by July 1 each year.

• Extends tax exemptions for qualified renewable energy projects through 2022 and all subsequent years if property was placed into service before January 1, 2022.

• Increases Home Energy Assistance Program (HEAP) weatherization funding from "up to 25%" to "25%" of federal Home Energy Assistance Block Grant funds, requiring the Director of Development Services to pursue necessary federal waivers.