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Governor Ted Kulongoski today signed , which reduces the amount of Business Energy Tax Credits available for large-scale wind projects and sets sunset dates for credits related to manufacturing and renewable energy projects.

In addition to smaller subsides for wind projects, the legislation caps the credit for manufacturing at $200 million based on pre-certification costs and caps the credit for renewable energy projects to $300 million. It also allows additional BETCs for companies that start a new, distinct manufacturing business that provides new jobs for the state.

The BETC for manufacturing will sunset on Jan. 1, 2014 and the BETC for renewable energy will sunset on July 1, 2012.

The changes to BETC are expected to recover $54 million for the state from 2009 to 2011 and an additional $97 million from 2011 to 2013.

In addition to HB 3680, the Governor also signed several other energy-related legislation into law today:

• establishes that community-based renewable energy projects include marine renewable energy resources, such as a planned wave energy farm in Reedsport.
• allows non-utility owned certified low-impact hydroelectric power facilities to qualify for compliance with the state’s Renewable Portfolio Standard.
• deletes the requirement that solar photovoltaic energy systems have the primary purpose of meeting electric company’s customer load service obligation in order to be a qualifying system for purposes of the solar photovoltaic energy system pilot project.
• allows above-market costs associated with compliance with the renewable portfolio standard to be recoverable in electric companies’ rates.
• directs the Oregon Transportation Commission to adopt a statewide transportation strategy to reduce greenhouse gas emissions.