RELATING TO ENERGY FINANCING.

2025 Regular Session Introduced by Luke Evslin and 16 co-sponsors

HB 977 establishes a revolving loan fund to provide affordable financing for clean energy projects, benefiting low-income households and promoting energy efficiency.

Reported from EIG (Stand. Com. Rep. No. 1116) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.

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Overview

Bill Number: HB 977
Introduced: January 21, 2025
Status: Reported from EIG (Stand. Com. Rep. No. 1116) with recommendation of passage on Second Reading, as amended (SD 1) and referral to WAM.
Classification: Bill
Subject: Appropriation ($), Clean Energy and Energy Efficiency Revolving Loan Fund, Energy Financing, Underserved Ratepayers

HB 977 aims to enhance energy financing mechanisms in the state, particularly focusing on supporting clean energy initiatives and improving energy efficiency for underserved ratepayers.

Main Purpose and Intent

The primary intent of HB 977 is to establish and fund a Clean Energy and Energy Efficiency Revolving Loan Fund. This fund is designed to provide financial assistance for projects that promote clean energy and energy efficiency, thereby reducing energy costs and environmental impacts for communities that are often underserved.

Key Provisions

Establishment of a Revolving Loan Fund: The bill proposes the creation of a dedicated fund to finance clean energy projects, which will be replenished as loans are repaid.

Targeted Support for Underserved Ratepayers: The bill specifically aims to assist low-income households and communities that may struggle to access traditional financing for energy improvements.

Appropriations: The bill includes provisions for appropriating funds necessary to establish and maintain the revolving loan fund, although specific dollar amounts are not detailed in the current summary.

Impact

Beneficiaries: The legislation is expected to benefit underserved ratepayers, including low-income households and communities, by providing them with access to affordable financing options for energy efficiency upgrades and clean energy projects.

Environmental Benefits: By promoting clean energy initiatives, the bill aims to contribute to the state's overall goals for reducing greenhouse gas emissions and enhancing sustainability.

Legislative Timeline

January 21, 2025: Bill introduced and passed First Reading.

February 6, 2025: The committee on EEP recommended the bill be passed with amendments.

February 11, 2025: The bill passed Second Reading as amended and was referred to the committee on FIN.

February 20, 2025: The committee on FIN recommended the bill be passed unamended.

February 27, 2025: The bill passed Third Reading in the House and was transmitted to the Senate.

March 18, 2025: The bill passed Second Reading in the Senate, as amended (SD 1), and was referred to WAM.

Related Legislation

SB 1071: This bill serves as a companion to HB 977, potentially addressing similar issues or providing complementary provisions.

In summary, HB 977 represents a significant step towards enhancing energy financing options for underserved communities, promoting clean energy initiatives, and fostering energy efficiency across the state.

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