The proposed bill amends the Management and Budget Act to establish an Energy Efficiency Revolving Fund within the state treasury. This fund will allow the state treasurer to receive and invest money from various sources, with the interest and earnings credited back to the fund. The bill outlines that funds will not lapse to the general fund at the end of the fiscal year and mandates that the Department of Energy will oversee the fund, prioritize projects aimed at reducing the state's carbon footprint, and provide technical assistance to state and local entities. Additionally, it sets a limit on state administrative costs to no more than 10% of total project costs.

Furthermore, the bill requires the Department to establish terms for state agencies participating in the fund, including project scope and funding commitments. It also mandates the Department to apply for federal payments for eligible projects, with specific provisions for how these funds should be allocated. A yearly report detailing the projects funded, including financial contributions and anticipated savings, must be submitted to the relevant appropriations subcommittees. This structured approach aims to enhance energy efficiency initiatives across the state while ensuring accountability and transparency in the use of funds.

Statutes affected:
Senate Introduced Bill: 18.1101, 18.1594