An Act to create 196.376 of the statutes; Relating to: on-bill financing of energy improvements and granting rule-making authority. (FE)
Impact
Upon enactment, AB867 will modify state statutes to establish a structured approach for financing energy improvements at the residential level. This change is anticipated to incentivize utility companies to facilitate energy-efficient upgrades in residences, thereby potentially leading to enhanced energy conservation across the state. As a result, households may experience lower energy expenses in the long term due to improved energy efficiency, which is a significant advantage for both consumers and public utilities.
Summary
Assembly Bill 867 introduces a framework for on-bill financing of energy improvements in residential dwellings. This legislation mandates the Public Service Commission to develop and enforce a program allowing public utilities to finance energy upgrades for customers. The costs incurred for these enhancements can be recovered through a surcharge, which will be periodically added to the customer’s utility account. This initiative aims to promote energy efficiency and ease the financial burden on homeowners by providing a viable payment plan for necessary improvements.
Contention
While AB867 presents numerous benefits associated with energy efficiency and financial support for homeowners, it could raise concerns regarding the financial implications for customers who may struggle with additional surcharges on their utility bills. Stakeholders will need to discuss and address how the program balances the interests of energy providers against those of consumers who might face financial difficulties. Furthermore, the effectiveness of this program will depend on the regulatory guidelines established by the Public Service Commission, which could be a focal point of contention among various stakeholders.
Net zero emissions, carbon-free and renewable energy standards, and creating an office of sustainability and clean energy, granting rule-making authority, making an appropriation, and providing a penalty. (FE)
Creating the Office of Financial Technology Innovation in the Department of Financial Institutions and a cryptocurrency pilot project, granting rule-making authority, and making an appropriation. (FE)