The proposed bill, General Assembly Proposed Bill No. 5231, aims to amend current statutes to establish property tax exemptions for specific renewable energy systems. These systems include solar, geothermal, and hydropower technologies, as well as other Class I renewable energy sources. The exemptions will be determined based on factors such as the installation date, generation capacity, and location of the renewable energy systems.

The bill seeks to promote the adoption of renewable energy by providing financial incentives through property tax relief. By creating these exemptions, the legislation intends to encourage the installation and use of renewable energy systems, thereby supporting environmental sustainability and energy efficiency initiatives within the state.