(A) There is hereby created the solar generation fund. The fund shall be in the custody of the treasurer of state but shall not be part of the state treasury. The fund shall consist of the charges collected under section 3706.46 of the Revised Code and deposited by the Ohio air quality development authority, in consultation with the public utilities commission. The interest generated by the fund shall be retained in the fund and used for the purposes set forth in sections 3706.40 to 3706.65 of the Revised Code.

(B) The fund shall be administered by the Ohio air quality development authority, and the authority shall request the treasurer of state to create the account for the fund. The treasurer of state shall distribute the moneys in the fund in accordance with directions provided by the authority. Before giving directions under this division, the authority shall consult with the public utilities commission.