§ 39-26-7. Renewable energy development fund.
(a) There is hereby authorized and created within the Rhode Island commerce corporation a renewable energy development fund for the purpose of increasing the supply of NE-GIS certificates available for compliance in future years by obligated entities with renewable energy standard requirements, as established in this chapter. The fund shall be located at the Rhode Island commerce corporation. The Rhode Island commerce corporation shall:
Administer the fund and adopt plans and guidelines for the management and use of the fund in coordination with the office of energy resources and the Rhode Island infrastructure bank, and
(b) The Rhode Island commerce corporation shall enter into agreements with obligated entities to accept alternative compliance payments, consistent with rules of the commission and the purposes set forth in this section; and alternative compliance payments received pursuant to this section shall be trust funds to be held and applied solely for the purposes set forth in this section.
(c) The uses of the fund shall include but not be limited to:
(1) Stimulating investment in renewable energy development by entering into agreements, including multi-year agreements, for renewable energy certificates;
(2) Establishing and maintaining a residential renewable energy program using eligible technologies in accordance with § 39-26-5;
(3) Providing technical and financial assistance to municipalities for interconnection and feasibility studies, and/or the installation of renewable energy projects;
(4) Implementing and supporting commercial and residential property assessed clean energy projects;
(5) Issuing assurances and/or guarantees to support the acquisition of renewable energy certificates and/or the development of new renewable energy sources for Rhode Island;
(6) Establishing escrows, reserves, and/or acquiring insurance for the obligations of the fund;
(7) Paying administrative costs of the fund incurred by the Rhode Island commerce corporation, the Rhode Island infrastructure bank and the office of energy resources, not to exceed ten percent (10%) of the income of the fund, including, but not limited to, alternative compliance payments. All funds transferred from the Rhode Island commerce corporation to support the office of energy resources' administrative costs shall be deposited as restricted receipts.
(d) All applications received for the use of the fund shall be reviewed by the Rhode Island commerce corporation in consultation with the office of energy resources and the Rhode Island infrastructure bank.
(e) NE-GIS certificates acquired through the fund may be conveyed to obligated entities or may be credited against the renewable energy standard for the year of the certificate provided that the commission assesses the cost of the certificates to the obligated entity, or entities, benefiting from the credit against the renewable energy standard, which assessment shall be reduced by previously made alternative compliance payments and shall be paid to the fund.
(P.L. 2004, ch. 199, § 1; P.L. 2004, ch. 205, § 1; P.L. 2006, ch. 236, § 8; P.L. 2006, ch. 237, § 8; P.L. 2008, ch. 100, art. 28, § 7; P.L. 2008, ch. 228, § 4; P.L. 2008, ch. 422, § 4; P.L. 2012, ch. 241, art. 4, § 15; P.L. 2015, ch. 141, art. 14, § 7.)