AB 1131, as amended, 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
begin delete that considerationend delete. 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:
The authority shall administer a Clean Energy Upgrade
4Program to reduce overall costs to the property owners of a loan
5provided by an applicant to finance the installation of distributed
6generation renewable energy sources, electric vehicle charging
7infrastructure, or energy or water efficiency improvements that
8are permanently fixed to real property by providing a reserve or
9other financial assistance at a level to be determined by the State
10Energy Resources Conservation and Development Commission
11and the authority. Improvements financed pursuant to this program
12shall be for a residential project of
begin delete threeend delete units or fewer or a commercial project that costs less than
2twenty-five thousand dollars ($25,000) in total.
Section 26073 of the Public Resources Code is
5amended to read:
(a) In evaluating eligibility, the authority shall consider
7whether the applicant’s loan program includes the following
9(1) Loan recipients are legal owners of underlying property.
10(2) Loan recipients are current on mortgage and property tax
12(3) Loan recipients are not in default or in bankruptcy
14(4) The program offers financing for energy and water efficiency
16(5) Improvements financed by the
program follow applicable
17standards of energy efficiency retrofit work, including any
18guidelines adopted by the State Energy Resources Conservation
19and Development Commission.
20(b) In evaluating an application, the authority shall consider all
21of the following factors:
22(1) The use by the loan program of best practices, adopted by
23the authority, to qualify eligible properties for participation in
24underwriting the loan program.
25(2) The cost efficiency of the applicant’s loan program.
26(3) The projected number of jobs created by the loan program.
27(4) The applicant’s loan program requirements for quality
28assurance and consumer protection, as related to achieving
29efficiency and clean energy production, in accordance with the
30standards developed pursuant to subdivision (b) of Section 26072.
31(5) The mechanisms by which savings produced by this program
32are passed on to the property owners.
33(6) Any other factors deemed appropriate by the authority.
34(c) The authority may approve a loan program that offers
35financing for electric vehicle charging infrastructure if the electric
36vehicle charging infrastructure is part of a project to install energy
37efficiency improvements and distributed generation renewable
38energy resources and is designed so that the project does not
39increase peak energy demand.
Section 26080 of the Public Resources Code is
3amended to read:
(a) Until January 1, 2017, an amount of up to fifty
5million dollars ($50,000,000) from the Renewable Resource Trust
6Fund, established pursuant to Section 25751, is hereby appropriated
7to the authority for the purposes of this chapter. The moneys
8appropriated shall remain in the Renewable Resource Trust Fund
9until the funds are needed by the authority pursuant to this chapter.
10(b) Of the moneys appropriated in subdivision (a), up to five
11hundred fifty thousand dollars ($550,000) may be expended by
12the authority for the initial administrative costs in implementing
14(c) All repayments of moneys disbursed
pursuant to this chapter
15shall be deposited into the Renewable Resource Trust Fund.
Section 26081 of the Public Resources Code is
18amended to read:
(a) On March 31, 2011, and annually thereafter, the
20authority shall submit to the Legislature a report pursuant to Section
219795 of the Government Code on all of the following:
22(1) The status of the account.
23(2) A summary of the PACE bonds that received assistance
24pursuant to Article 2 (commencing with Section 26060) and a
25summary of the loans that received assistance pursuant to Article
263 (commencing with Section 26070).
27(3) A summary of the benefits provided by this division,
28including reduced interest rates on the PACE bonds or on loans
29receiving assistance pursuant to this division.
30(4) The number of jobs created by the PACE programs or loans
31that received assistance pursuant to this chapter.
32(5) Information on energy and water savings resulting from the
33PACE programs or loans that received assistance pursuant to this
35(6) Other information deemed appropriate by the authority.
36(b) This section shall remain in effect only until January 1, 2017,
37and as of that date is repealed, unless a later enacted statute, that
38is enacted before January 1, 2017, deletes or extends that date.