OH SB89

Extends the renewable portfolio standard requirement deadline from end of 2026 to end of 2027, requiring electric utilities and companies to provide 8.5% of electricity from qualifying renewable energy resources.

Increases solar energy benchmarks by 0.5% annually starting in 2021, reaching 0.5% of total electricity by 2026 and thereafter (compared to previous cap of 0.22% in 2019).

Extends property tax exemption for qualified energy projects using renewable energy resources from tax years 2011-2023 to 2011-2030, and requires tangible personal property placed in service before January 1, 2031 to remain exempt in 2031 and all ensuing years.

Extends application deadline for renewable energy projects seeking property tax exemption certification from December 31, 2022 to December 31, 2030.

Modifies solar energy compliance payment penalties, reducing from $300/MWh in 2014-2016 to $150/MWh in 2021-2022, with continued $50/MWh reductions every two years through 2026 to a minimum of $50/MWh.