Electric companies would offer financing for customer energy upgrades

Electric companies would offer to pay for qualifying energy upgrades or renewable energy projects at customers’ properties. Projects may include energy upgrades not tied to fossil fuel use, heat pumps, storage, demand response equipment, solar systems, and equipment needed to install them. Customers choose whether to take part. Tenants need the property owner’s permission. Project charges must be lower than estimated savings. Customers may pay down project costs if doing so makes the project qualify for financing.

Each electric company would develop a program and file it with the Public Utility Commission for approval. These duties apply to each electric company. Companies must seek the least costly source of funding and use other available incentives as much as possible. Programs must be accessible to low-income customers and environmental justice communities, include customer protections, and coordinate with other energy-efficiency programs. A company would first file its proposal in the next distribution planning review that begins after the act takes effect. If approved, the program must be available by January 1, 2028.