On October 6, 2008, Governor Jennifer Granholm of Michigan signed a bipartisan renewable energy package that will reportedly “create jobs, diversify Michigan’s economy, and save customers money on their electric bills by ensuring that the bulk of Michigan’s future energy needs are produced from renewable energy resources and energy efficiency savings.”
The three-bill package includes a renewable portfolio standard (RPS) that mandates 10 percent of the state’s energy come from renewable sources by 2015, regulatory reform that protects Michigan ratepayers and allows utility companies to build new electricity generation in Michigan, and a requirement that utilities meet an additional 5.5 percent of Michigan’s annual electricity demands through energy efficiency by 2015. The package also includes an income tax credit to offset a portion of ratepayers’ investments in renewable energy for Michigan and a “net metering” law that allows customers to sell renewable electricity they produce at their homes or businesses to their utility companies.
Read the full press release here. See the Michigan Office of the Governor web site to listen to a podcast by Governor Granholm regarding the passing of this legislation.