Utility On-Bill Repayment Program Financing

The office is required to pay back the loan by July 1, 2045 January 1, 2046. As an alternative financing mechanism for the on-bill programs, the bill authorizes the department of the treasury to offer on-bill financing tax credits (tax credits) to insurance companies authorized to do business in Colorado, which insurance companies have premium tax liability owing to the state (qualified taxpayers). The tax credits will only be offered if the relevant quarterly state revenue forecast shows that the state's nonexempt revenue will be at least $50 million under the limit on state fiscal year spending authorized under section 20 of article X of the state constitution, as modified by Referendum C. The bill creates a building decarbonization enterprise (enterprise) to:

Provide financing assistance, technical assistance, and other programmatic assistance to covered building owners to effectively and efficiently implement building decarbonization measures, including energy efficiency measures, electrification measures, and energy upgrades; and Provide technical assistance and other programmatic support to utilities that accept financing from the office for the purpose of establishing or expanding an on-bill program.

The enterprise is authorized to impose and collect from covered building owners an annual building decarbonization fee and impose and collect from participating utilities an annual on-bill program administration fee to cover the enterprise's costs in providing financial, technical, and programmatic assistance to covered building owners and participating utilities. (Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.) (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)