The bill establishes a revolving loan program and account to support the development of renewable energy in Washington. It authorizes the department to issue loans to both public and private entities for projects that align with the state's clean energy objectives, such as electric vehicle infrastructure and advanced nuclear technology. The bill mandates due diligence in the loan application process, requiring disclosure of potential conflicts of interest involving state employees, and grants the department the authority to cancel loans and seek repayment in cases of ethics violations.

Additionally, the bill creates a new revolving loan account in the state treasury, funded through various sources including appropriations and federal grants, with expenditures limited to loan awards and administrative costs. It amends existing laws related to the treasury income account, specifying that no appropriation is needed for payments to financial institutions and detailing the distribution of earnings based on average daily balances. The bill also includes expiration provisions for certain sections, with specific effective dates, and stipulates that if funding is not provided by June 30, 2024, the act will become null and void.