(a)  The general assembly recognizes and declares that because the worldwide supply of fossil fuel and of other nonrenewable energy resources is limited, it is necessary to encourage the utilization of renewable natural resources for the production of energy; that there are many existing dams which could be retrofitted to generate hydroelectric power; and that a major factor inhibiting the development of hydroelectric power generation is the presently higher capital costs for new construction of hydro plants compared to conventional thermal systems.

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(b)  It is the policy of this state to support and foster the development of hydropower generating facilities by the establishment of tax incentives for those owners of existing dams who install hydroelectric power generation equipment.