A. In 2004 and 2005, .05 cent per kilowatt-hour;

B. In 2006, .075 cent per kilowatt-hour; and

C. In 2007 and thereafter, .1 cent per kilowatt-hour.

Sec. 8. Transfer of money from Renewable Resource Fund to Sustainable Energy Trust Fund. The Executive Department, State Planning Office shall transfer all funds in the Renewable Resource Fund, created by the Maine Revised Statutes, Title 35-A, section 3210, subsection 6, to the Sustainable Energy Trust Fund established under Title 10, section 1100-Z.

SUMMARY

This bill does the following:

1. Establishes the Sustainable Energy Trust Fund to provide loans or other financial assistance to support sustainable energy projects;

2. Directs the Finance Authority of Maine, with the advice and guidance of the Energy Resources Council, to adopt rules governing eligibility, project feasibility and terms and conditions for the granting of financial assistance from the trust fund;

3. Directs the Public Utilities Commission to assess transmission and distribution utilities to collect funds for deposit in the trust fund;

4. Directs that at least 75% of the trust fund must be spent on projects in accordance with priorities established by the Energy Resources Council and at least 20% of the funds be used to support demonstration community projects approved by the Executive Department, State Planning Office that use sustainable, renewable or clean energy technologies;

5. Permits up to 5% of the trust fund to be used to cover administrative expenses; and

6. Eliminates the Renewable Resource Fund and transfers all its money into the Sustainable Energy Trust Fund.