Twenty seven strains of green algae from the Florida aquatic habitats were screened for their ability to accumulate lipids. In addition, Botryococcus braunii was used as the reference strain. This preliminary screening for lipid content was performed with laboratory grown algal cultures using the fluorescent dye Nile red. The lipid accumulation was followed during the course of cultivation as well as under conditions of nitrogen and phosphorus deprivation. Of all strains tested, an increased lipid accumulation was found in five strains (Coelastrum sp. strain 46-4 and strain 108-5, Chlorococcum sp. strain64-12, Dactylococcus sp. strain 64-10 and Stigeoclonium sp. strain 64-8) and they were used for further studies. A linear relationship between algal biomass yield (culture age) and lipid accumulation was observed in most strains tested (Coelastrum sp. strain 46-4 and strain 108-5, Chlorococcum sp. strain 64-12, and Stigeoclonium sp. strain 64-8). Significantly higher lipid accumulation under nitrogen deprivation was observed in only two strains while five strains had elevated lipid accumulation under phosphorus deprivation. Apparently, nutrient deprivation conditions affect different strains differently. Three strains contained more than 50% of lipid of dry biomass (Coelastrum 108-5, Chlorococcum 64-12 and Stigeoclonium 64-8) and therefore were identified as potential organisms to be used in algae-based biodiesel technology.