AB 1131, as introduced, Skinner. Energy: renewable energy and energy efficiency projects: financial assistance.
(1) Existing law authorizes local governments to assist property owners to finance the installation of distributed generation renewable energy sources, electric vehicle charging infrastructure, or energy or water efficiency improvements through the issuance of bonds that are secured by a voluntary contractual assessment on property (PACE bonds). Existing law requires the California Alternative Energy and Advanced Transportation Financing Authority to develop and administer a program to reduce the overall costs to property owners of PACE bonds by providing a reserve of no more than 10% of the initial principal amount of the PACE bonds. Existing law requires the authority to administer a Clean Energy Upgrade Program to reduce overall costs to property owners of a loan provided by a financial institution to finance the installation of distributed generation renewable energy sources, electric vehicle charging infrastructure, or energy or water efficiency improvements that are permanently fixed to real property by providing a reserve or other financial assistance at a level to be determined by the State Energy Resources Conservation and Development Commission and the authority. Existing law, until January 1, 2015, appropriates up to $50,000,000 from the Renewable Resource Trust Fund for the above purposes. Existing law requires the authority, until January 1, 2015, to submit a report to the Legislature regarding the implementation of the above programs.
This bill would extend that appropriation and the reporting requirement to January 1, 2017.
(2) Existing law requires the authority, in evaluating the eligibility of a loan program for the Clean Energy Upgrade Program, to consider, among other things, whether the loans made under the loan program are for less than 10% of the value of the property.
This bill would delete that consideration. By expanding the eligibility of loan programs under the Clean Energy Upgrade Program, this bill would make an appropriation.
Vote: 2⁄3. Appropriation: yes. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 26073 of the Public Resources Code is
2amended to read:
(a) In evaluating eligibility, the authority shall consider
4whether the applicant’s loan program includes the following
5conditions:
6(1) Loan recipients are legal owners of underlying property.
7(2) Loan recipients are current on mortgage and property tax
8payments.
9(3) Loan recipients are not in default or in bankruptcy
10proceedings.
11(4) Loans are for less than 10 percent of the value of the
12property.
13(5)
end delete
14begin insert(4)end insertbegin insert end insert The program offers financing for energy and water
15efficiency improvements.
16(6)
end delete
17begin insert(5)end insertbegin insert end insert Improvements financed by the program follow applicable
18standards of energy efficiency
retrofit work, including any
19guidelines adopted by the State Energy Resources Conservation
20and Development Commission.
21(b) In evaluating an application, the authority shall consider all
22of the following factors:
P3 1(1) The use by the loan program of best practices, adopted by
2the authority, to qualify eligible properties for participation in
3underwriting the loan program.
4(2) The cost efficiency of the applicant’s loan program.
5(3) The projected number of jobs created by the loan program.
6(4) The applicant’s loan program requirements for quality
7assurance and consumer protection, as related to achieving
8efficiency and clean energy production, in accordance with the
9standards developed
pursuant to subdivision (b) of Section 26072.
10(5) The mechanisms by which savings produced by this program
11are passed on to the property owners.
12(6) Any other factors deemed appropriate by the authority.
13(c) The authority may approve a loan program that offers
14financing for electric vehicle charging infrastructure if the electric
15vehicle charging infrastructure is part of a project to install energy
16efficiency improvements and distributed generation renewable
17energy resources and is designed so that the project does not
18increase peak energy demand.
Section 26080 of the Public Resources Code is
20amended to read:
(a) Until January 1,begin delete 2015end deletebegin insert 2017end insert, an amount of up to
22fifty million dollars ($50,000,000) from the Renewable Resource
23Trust Fund, established pursuant to Section 25751, is hereby
24appropriated to the authority for the purposes of this chapter. The
25moneys appropriated shall remain in the Renewable Resource
26Trust Fund until the funds are needed by the authority pursuant to
27this chapter.
28(b) Of the moneys appropriated in subdivision (a), up to five
29hundred fifty thousand dollars ($550,000) may be expended by
30the authority for the initial administrative costs in implementing
31this
chapter.
32(c) All repayments of moneys disbursed pursuant to this chapter
33shall be deposited into the Renewable Resource Trust Fund.
Section 26081 of the Public Resources Code is
35amended to read:
(a) On March 31, 2011, and annually thereafter, the
37authority shall submit to the Legislature a report pursuant to Section
389795 of the Government Code on all of the following:
39(1) The status of the account.
P4 1(2) A summary of the PACE bonds that received assistance
2pursuant to Article 2 (commencing with Section 26060) and a
3summary of the loans that received assistance pursuant to Article
43 (commencing with Section 26070).
5(3) A summary of the benefits provided by this division,
6including reduced interest rates on the PACE bonds or on loans
7receiving assistance pursuant to this division.
8(4) The number of jobs created by the PACE programs or loans
9that received assistance pursuant to this chapter.
10(5) Information on energy and water savings resulting from the
11PACE programs or loans that received assistance pursuant to this
12chapter.
13(6) Other information deemed appropriate by the authority.
14(b) This section shall remain in effect only until January 1,begin delete 2015end delete
15begin insert 2017end insert, and as of that date is repealed, unless a later enacted statute,
16that is enacted before January 1,begin delete 2015end deletebegin insert
2017end insert, deletes or extends
17that date.
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