California Alternative Energy and Advanced Transportation Financing Authority: GoGreen Program., the official text

An act to add Section 26016 to the Public Resources Code, relating to energy.

LEGISLATIVE COUNSEL'S DIGEST

Under existing law, the purpose of the California Alternative Energy and Advanced Transportation Financing Authority Act is to advance the state’s goals of reducing the levels of greenhouse gas emissions, increasing the deployment of sustainable and renewable energy sources, implementing measures that increase the efficiency of the use of energy, creating high quality employment opportunities, and lessening the state’s dependence on fossil fuels and to that end to provide an alternative method of financing in providing and promoting the establishment of facilities utilizing alternative methods and sources of energy and facilities needed for the development and commercialization of advanced transportation technologies. Existing law establishes the California Alternative Energy and Advanced Transportation Financing Authority to carry out that purpose. Existing Public Utilities Commission decisions established the California Hub for Energy Efficiency Financing program, administered by the authority and funded through charges collected by specified electrical corporations and gas corporations from their ratepayers.
This bill would require the authority to administer the GoGreen Program, previously known as the California Hub for Energy Efficiency Financing program, and would authorize the authority to use moneys collected from the ratepayers of electrical and gas corporations, as directed by the commission, and other available funding sources, consistent with the program’s purposes. The bill would require the program to provide financing assistance to participating lenders to support residents in financing eligible energy efficiency and decarbonization measures at costs that are competitive with or below market rates. The bill would authorize the authority to receive, administer, and deploy additional moneys from federal, state, local, or private sources to support and expand the GoGreen Program, if those moneys are used in a manner consistent with the program’s goals and the parameters of the funding source. The bill would create the GoGreen Program Fund in the State Treasury and would make all moneys in the fund available, upon appropriation by the Legislature, to the authority for expenditure, as provided.

The people of the State of California do enact as follows:

SECTION 1.
Section 26016 is added to the Public Resources Code, to read:
26016.
(a) The authority shall administer the GoGreen Program, previously known as the California Hub for Energy Efficiency Financing program, established by Public Utilities Commission Decision 13-09-044 (September 19, 2013), Decision Implementing 2013-2014 Energy Efficiency Financing Pilot Programs, and may use moneys collected from the ratepayers of electrical corporations and gas corporations, as directed by the Public Utilities Commission, and other available funding sources, consistent with the GoGreen Program’s purposes.
(b) The GoGreen Program shall provide financing assistance, including, but not limited to, credit enhancements, to participating lenders to support residents in financing eligible energy efficiency and decarbonization measures at costs that are competitive with or below market rates.
(c) (1) The authority shall establish and administer GoGreen Program guidelines and requirements as necessary for the effective administration of the GoGreen Program. To the extent ratepayer moneys are used for the GoGreen Program, those moneys shall be administered in a manner consistent with applicable directives of the Public Utilities Commission.
(2) The authority may adopt regulations and take other administrative actions, as necessary and appropriate, at a publicly noticed meeting, to implement and operate the GoGreen Program. Any regulations governing the use of ratepayer moneys for the GoGreen Program shall be consistent with the Public Utilities Commission’s requirements on ratepayer moneys collected from electrical corporations and gas corporations.
(d) (1) The authority may receive, administer, and use additional moneys from federal, state, local, or private sources to support and expand the GoGreen Program, if those moneys are used in a manner consistent with the GoGreen Program’s purposes and the parameters of the funding source.
(2) There is hereby created in the State Treasury the GoGreen Program Fund. All moneys in the fund shall be available, upon appropriation by the Legislature, to the authority for expenditure pursuant to this section.