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Puerto Rico

Puerto Rico

Incentives/Policies for Renewables & Efficiency

Printable Version
Puerto Rico - Green Energy Fund   

Last DSIRE Review: 07/08/2012
Program Overview:
State: Puerto Rico
Incentive Type: Public Benefits Fund
Eligible Renewable/Other Technologies: Photovoltaics, Landfill Gas, Wind, Biomass, Hydroelectric, Geothermal Electric, Fuel Cells, Municipal Solid Waste, Anaerobic Digestion, Small Hydroelectric, Tidal Energy, Wave Energy, Ocean Thermal, Renewable Fuels, Fuel Cells using Renewable Fuels
Applicable Sectors: Commercial, Industrial, Residential, General Public/Consumer, Utility, Institutional
Types:Renewables (Alternative and Sustainable)
Total Fund:$40,000,000 ($20,000,000 for each FY12, FY13)
Charge:Excise taxes from sales of motor vehicles and motorcycles
Web Site: http://www.prgef.com/Default.aspx
Authority 1:
Date Enacted:
Date Effective:
C2610 (2010) Act No. 83
07/19/2010
07/01/2011
Authority 2:
Date Enacted:
EAA Green Energy Fund Regulation 8038
06/28/2011
Summary:

In July 2010, Puerto Rico enacted two important laws aimed at accelerating Puerto Rico's adaptation of renewable energy and to reduce the island's reliance on fossil fuels. This is especially significant since 70% of the island's electricity comes from oil, according to the government of Puerto Rico.

Act 83 created the Green Energy Fund (GEF), creating for the first time a dedicated fund, held separately from general funds, to support renewable energy development in Puerto Rico. The GEF is unlike other public benefits funds in the United States since it is funded by excise (sales) taxes collected on motor vehicles and motorcycles. In addition, other state or federal funds, donations, income derived from renewable energy credis (RECs), and any non-compliance fines paid under the state's Renewables Portfolio Standard may be deposited into the GEF. The fund is authorized to collect excise taxes and make expenditures through fiscal year (FY) 2020. The maximum amount of expenditures allowed from the GEF during FY2012 and FY2013 is $20,000,000; it increases over time to a maximum of $40,000,000 during FY2020.

The GEF will be used to support "green energy" development. Puerto Rico defines green energy as sustainable renewable energy and alternative renewable energy. Sustainable renewable energy includes solar, wind, geothermal, biomass, hydropower, marine and hydrokinetic, and ocean thermal.  Alternative renewable energy includes municipal solid waste, landfill gas, anaerobic digestion, and fuels cells.

The Energy Affairs Administration (EAA) administers the fund and develop programs, with oversight from the Department of Economic Development and Commerce and an "Evaluating Committee" established for that purpose. The EAA is allowed to establish grant programs, enter into contracts, provide loans, RECs, or develop other financial aid or investment instruments. Act 83 mandated the first programs funded under the GEF: Tier I and Tier II incentive programs, targeting small-scale and mid-scale renewable energy projects respectively (at $8 million for Tier I program and $11 million for the Tier II program).


 
Contact:
  General Info EAA
Energy Affairs Administration
P.O. Box 41314
San Juan, PR 00940
Phone: (787) 332-0914
Fax: (787) 721-3089
Web Site: http://www.aaepr.net/
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.