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BILL AS INTRODUCED 2007-2008

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H.513

Introduced by Representative Jewett of Ripton

Referred to Committee on

Date:

Subject:  Public service; renewable energy; energy efficiency

Statement of purpose:  This bill proposes to create mortgage lending programs to provide residential and commercial customers with capital financing for renewable energy and energy efficiency projects.

AN ACT RELATING TO FINANCING RENEWABLE ENERGY AND ENERGY EFFICIENCY PROJECTS

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  10 V.S.A. chapter 12, subchapter 9A is added to read:

Subchapter 9A.  Commercial Building Efficiency Finance Program

§ 279d.  COMMERCIAL BUILDING EFFICIENCY FINANCE PROGRAM

The  authority shall establish a program to finance commercial building mortgages of up to 15 percent of the appraised value of a commercial building for energy saving improvements, weatherization, energy efficiency, or renewable energy projects for which the monthly mortgage or loan payment is less than the likely reduction in utility and heating costs for the dwelling or commercial building.  In developing the program the authority shall collaborate with the department of public service, Vermont Energy Investment Corporation, Renewable Energy Vermont, and Efficiency Vermont.

Sec. 2.  10 V.S.A. § 621a is added to read:

§621a.  financing mortgages; energy savings

The  authority shall establish a program to finance residential building mortgages of up to 15 percent of the appraised value of a residential building for energy saving improvements, weatherization, energy efficiency, or renewable energy projects for which the monthly mortgage or loan payment is less than the likely reduction in utility and heating costs for the dwelling or commercial building.  In developing the program the authority shall collaborate with the department of public service, Vermont Energy Investment Corporation, Renewable Energy Vermont, and Efficiency Vermont.

Sec. 3.  BONDING AUTHORITY

An amount not to exceed $2,000,000.00 of the full faith and credit of the state pledged for the support of the activities of the Vermont economic development authority under 10 V.S.A. § 223 is authorized to be used for the purpose of Sec. 1 of this act.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us