1. For purposes of this section, “electrical corporation” shall mean the same as defined in section 386.020, but shall not include an electrical corporation as described in subsection 2 of section 393.110.

2. An electrical corporation with one million or more Missouri electric customers shall invest in the aggregate no less than fourteen million dollars in utility-owned solar facilities located in Missouri or in an adjacent state during the period between August 28, 2018, and December 31, 2023. An electrical corporation with less than one million but more than two-hundred thousand Missouri electric customers shall invest in the aggregate no less than four million dollars in utility-owned solar facilities located in Missouri or in an adjacent state during the period between August 28, 2018, and December 31, 2023. An electrical corporation with two hundred thousand or fewer Missouri electric customers shall invest in the aggregate no less than three million five hundred thousand dollars in utility-owned solar facilities located in Missouri or in an adjacent state during the period between August 28, 2018, and December 31, 2023. If the rate impact of the electrical corporation’s investment in such facilities would cause the electrical corporation to exceed the one percent maximum average retail rate increase limitation required by subdivision (1) of subsection 2 of section 393.1030, that part of such costs that would cause such one percent limitation to be exceeded shall be deferred by the electrical corporation to a regulatory asset. Carrying costs at the electrical corporation’s weighted average cost of capital shall be added to the regulatory asset balance and the regulatory asset shall be recovered through rates set under section 393.150 or through a rate adjustment mechanism under section 393.1030, as soon as is practical.

3. An electrical corporation’s decision to invest in utility-owned solar facilities consistent with subsection 2 of this section shall be deemed to be prudent. An electrical corporation shall not be required to obtain the permission of the commission to construct the facilities required by this section, notwithstanding the provisions of section 393.170. The commission shall retain the authority to review the specific costs incurred to construct and own the facilities to ensure that rates are based only on prudently incurred costs.

4. Nothing in this section shall preclude an electrical corporation from recovering costs of investing in or purchasing electricity from additional solar facilities beyond those provided for under subsection 2 of this section.

5. This section shall expire on December 31, 2023, provided that after such expiration the electrical corporation shall be entitled to recover any remaining regulatory asset balance as provided in subsection 2 of this section.