AN ACT relating to renewable energy.

Create new sections of KRS Chapter 278 to express the intent of the General Assembly with respect to rooftop solar power and the significance of renewable energy; define "renewable energy," "renewable energy portfolio," "renewable energy requirement," "retail electric supplier," and "solar energy target"; require retail electric suppliers to comply with a tiered renewable portfolio requirement beginning in fiscal year 2023-2024; require retail electric suppliers to submit integrated resource plans to the Public Service Commission for approval that demonstrate how each supplier will meet their renewable requirements; allow the requirement to be met by generation and by purchase power; authorize the commission to grant a waiver or extension to retail electric suppliers who can show that the requirement cannot be met; authorize the commission to suspend the requirement and to set various reserve requirements to maintain reliability of the grid; allow for cost recovery through rates for compliance, including stranded costs and unrealized revenues; require the commission to develop requirements for tariffs for interconnection between the retail electric supplier and a wholesale supplier of renewable energy; require each utility to file a report with the commission beginning in January 2025; authorize the commission to promulgate administrative regulations necessary to implement the renewable portfolio requirements; require the commission to report to the Legislative Research Commission on the feasibility and opportunity for retail electric suppliers to lease space on commercial and industrial buildings to locate solar panels to comply with the renewable portfolio requirement; require report to be submitted by November 1, 2023.