Amends the Public Utility Regulatory Policies Act of 1978 to require a retail electric supplier to submit to the Secretary of Energy for calendar year 2012 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 calendar years 2012 through 2039, a schedule of graduated annual percentages of a retail electric supplier's base amount that shall be generated from renewable energy resources.
Directs the Secretary 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 the Secretary 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 borrowed federal renewable energy credits.
Retains 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.
Directs the Secretary to arrange with the National Academy of Sciences to evaluate and report to Congress on the program established under this Act.
Establishes in the Treasury a state renewable energy account.