LD 597 – LD 597 An Act To Establish the Wood Energy Investment Program

Sen. Jackson-D This bill establishes the Wood Energy Investment Fund and creates the Wood Energy Investment Program within the Efficiency Maine Trust.  The bill specifies that funds collected from alternative compliance payments made by competitive electricity providers to satisfy the portfolio requirements for thermal renewable energy credits must be used to fund the Wood Energy Investment Fund. It requires the trust to use funds from the fund, if there are any, to provide incentives and low-interest or no-interest loans for new wood-derived thermal energy or cogeneration projects.  It requires that the trust consult with the Finance Authority of Maine, when appropriate, in the development of any Wood Energy Investment Program incentives and the distribution of money from the Wood Energy Investment Fund.  It prohibits the use of funds for incentives or loans for the refurbishment or maintenance of existing facilities.
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