California Alternative Energy and Advanced Transportation Financing Authority: GoGreen Program.

Plain English Breakdown

The bill summary does not provide specific details on what qualifies as 'energy efficiency and decarbonization measures'.

California's GoGreen Program for Clean Energy and Transportation

This bill establishes the GoGreen Program, which provides financial assistance for energy efficiency improvements at low costs using funds from utility customers and other sources.

What This Bill Does

• Establishes the GoGreen Program to provide financing assistance for eligible energy efficiency and decarbonization measures.
• Authorizes the California Alternative Energy and Advanced Transportation Financing Authority to use moneys collected from ratepayers of electrical and gas corporations, as well as other funding sources, to support the program.
• Creates a fund in the State Treasury called the GoGreen Program Fund to hold money for the program's purposes.

Who It Names or Affects

• Utility customers who pay for electricity and gas
• Residents looking to finance energy efficiency improvements

Terms To Know

GoGreen Program

A financial assistance program that helps residents finance eligible energy efficiency and decarbonization measures.

Alternative Energy and Advanced Transportation Expansion Fund

A fund in the State Treasury used to support the GoGreen Program.

Limits and Unknowns

• The bill does not specify how much money will be available for the program.
• It is unclear what specific measures qualify as 'energy efficiency and decarbonization measures'.
• The exact terms of financial assistance are left to the authority's discretion.

Official Summary Text

SB 1265, as amended, Richardson.
California Alternative Energy and Advanced Transportation Financing Authority:
financial assistance programs and products.
GoGreen Program.
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 Utility 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
authorize the authority, for that specified purpose, and with its own moneys or from moneys derived from other sources, to create its own financial assistance programs, financial assistance products, or both, on those terms and conditions the authority deems prudent.
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
Alternative Energy and Advanced Transportation Expansion
GoGreen Program
Fund in the State Treasury and would continuously appropriate all moneys in the fund to the authority for expenditure, as
provided, and to defray the administrative costs of the authority. The bill would require any interest earned or other increment derived from investments made from moneys in the fund to be deposited into the fund.
provided.

Current Bill Text

Download Bill PDF