Renewable Electricity Standard Act

Renewable Electricity Standard Act

Amends the Public Utility Regulatory Policies Act of 1978 to require a retail electric supplier to submit to the Department of Energy (DOE) for 2015 and thereafter one or more of the following: (1) specified federal renewable energy credits, (2) certification of the renewable energy generated and electricity savings, and (3) specified alternative compliance payments. Prescribes, for 2015 through 2039, a schedule of graduated annual percentages of a retail electric supplier's base amount that shall be generated from renewable energy resources (increasing from 7.5% in 2015 to 30% in 2030).

Directs DOE to establish a program to: (1) verify and issue federal renewable energy credits to generators of renewable energy; (2) track the sale, exchange, and retirement of the credits; and (3) enforce the federal renewable energy credits program.

Directs DOE to issue a generator of electric energy one federal renewable energy credit for each kilowatt hour of electric energy generated by the use of a renewable energy resource at an eligible facility.

Prescribes rules for federal renewable energy credit trading and for borrowing and repayment of federal renewable energy credits.

Provides that this Act does not diminish the authority of a state or its political subdivision to: (1) adopt or enforce any law (including regulations) respecting renewable energy, or (2) regulate the acquisition and disposition of federal renewable energy credits by retail electric suppliers.

Permits an electric utility that has sales of electric energy subject to rate regulation to recover the full cost of renewable energy obtained to comply with this Act.

Establishes in the Treasury a state renewable energy account for a grant program for promoting renewable energy production and providing energy assistance and weatherization services to low-income consumers.