RELATING TO ENERGY FINANCING.

2025 Regular Session Introduced by Jarrett Keohokalole

SB 1071 creates a revolving loan fund to boost clean energy financing for low-income households, ensuring they can invest in energy-efficient technologies.

Carried over to 2026 Regular Session.

#appropriation($) #cleanenergyandenergyefficiencyrevolvingloanfund #energyfinancing #underservedratepayers

Purpose and Intent

Senate Bill 1071 (SB 1071) aims to enhance energy financing mechanisms to support clean energy initiatives and improve energy efficiency, particularly for underserved ratepayers. The bill seeks to establish a framework for a Clean Energy and Energy Efficiency Revolving Loan Fund, which would provide financial assistance to individuals and organizations looking to invest in clean energy solutions.

Key Provisions

Establishment of a Revolving Loan Fund: The bill proposes the creation of a Clean Energy and Energy Efficiency Revolving Loan Fund. This fund will be utilized to provide loans to eligible borrowers for projects that promote clean energy and energy efficiency.

Targeting Underserved Ratepayers: A significant focus of the fund will be on assisting underserved ratepayers, ensuring that low-income households and communities have access to the financial resources necessary to invest in energy-efficient technologies.

Appropriation of Funds: The bill includes provisions for the appropriation of funds necessary to capitalize the revolving loan fund, although specific dollar amounts have not been detailed in the current version.

Affected Parties

Underserved Ratepayers: The primary beneficiaries of this bill will be low-income households and communities that have historically faced barriers to accessing clean energy financing.

Clean Energy Sector: Businesses and organizations involved in the clean energy sector may also benefit from increased investment and financing opportunities as a result of the fund.

State Government: The establishment and management of the revolving loan fund will involve state resources and oversight, impacting state energy policy and funding allocations.

Legislative Timeline and Procedural Aspects

Introduced: January 17, 2025

First Reading: January 21, 2025

Committee Hearings: A public hearing was held on January 28, 2025, where the committee on Energy, Economic Development, and Tourism (EIG) recommended the bill be passed with amendments.

Second Reading: The bill passed its second reading on February 4, 2025, with amendments and was referred to the Ways and Means Committee (WAM) for further consideration.

Related Legislation: SB 1071 has a companion bill, House Bill 977 (HB 977), which addresses similar issues in energy financing.

Conclusion

SB 1071 represents a significant step towards improving access to clean energy financing for underserved communities. By establishing a revolving loan fund, the bill aims to facilitate investments in energy efficiency and clean energy technologies, ultimately contributing to broader environmental and economic goals. The ongoing legislative process will determine the final structure and funding of the proposed initiatives.

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