Section 1. Amend § 5502(b)(1), Title 30 of the Delaware
Code, by striking the figure “5.00%” as it appears in said section and
substituting in lieu thereof the figure “4.25%”.
Section 2. Amend § 5502(b), Title 30 of the Delaware
Code, by striking the figure “2.35%” as it appears in said section and
substituting in lieu thereof the figure “2.00%”.
Section 3. On or before January 1, 2012, each
distributor subject to the public utility tax imposed by § 5502(b), Title 30 of
the Delaware Code and not subject to the regulation of the Public Service
Commission shall report to the Controller General of the General Assembly on
how it has adjusted its tariffs so that the distributor's earnings are neither
increased nor decreased by this Act.
Section 4. Amend § 5502, Title 30 of the Delaware Code,
by adding a new subsection (f) to read as follows:
"(f) The State shall transfer in
each fiscal year the first $5,000,000 in tax receipts received under this
chapter that would otherwise be deposited to the General Fund to the Energy
Efficiency Investment Fund maintained by the Department of Natural Resources
and Environmental Control pursuant to Chapter 80 of Title 29.".
Section 5. Amend Chapter 80, Title 29 of the Delaware
Code by adding a new section as follows:
"§ 8030. Energy Efficiency Investment Fund.
The Department of Natural Resources and
Environmental Control shall manage the Energy Efficiency Investment Fund. The Fund shall be used to incentivize
investments in energy efficiency by consumers or users of gas or electricity
whose purchase of those commodities from a distributor is subject to the public
utility tax on gas or electricity imposed by Chapter 55 of Title 30. The Department shall support implementation
of projects that reduce the use of gas, electricity, or other sources through
the issuance of competitive grants, low-interest loans, or other financing
support from the Fund. The Department
shall establish the contents and deadline for applications for financing from
the Fund and shall give preference to those applications proposing projects
that are anticipated to produce the greatest reduction in energy consumption
per Fund dollar invested, improve environmental performance, spur capital
construction and facility modernization, encourage job retention and creation,
and are likely to be substantially complete no later than one year following
the issuance of financing from the Fund.
In no event shall the Fund provide grant funding for more than thirty
percent of the costs of any proposed project or support projects already
receiving support from the Green Energy Fund under this Chapter or the
Strategic Fund under Chapter 50 of this Title.
The Fund shall be administered in consultation with the Sustainable
Energy Utility and the Delaware Economic Development Office. The Department shall make an annual report on
the use of the Energy Efficiency Investment Fund and the value of energy
savings resulting therefrom to the Governor's Energy Advisory Council and the
General Assembly not later than August 30 of each year after 2011. The Department shall retain no more than four
percent of the Fund for expenses to administer this section. All terms used herein that are defined in
Chapter 55 of Title 30 shall have the same definition used in that
chapter.".
Section 6. If any provision of this Act or the
application thereof to any person or circumstance is held invalid, the
invalidity does not affect other provisions or applications of the Act which
can be given effect without the invalid provision or application; and, to that
end, the provisions of this Act are declared to be severable.
Section 7. Sections 1, 2 and 3 of this Act shall be
effective for tax periods beginning after July 31, 2011. Sections 4 and 5 of this Act shall be
effective for fiscal years commencing after June 30, 2011.
