Current law allows boards of political subdivisions to enter into energy cost-savings contracts for utility cost savings. Utility cost savings are defined in law to include an installation, modification, or service that is designed to reduce energy consumption and related operating costs in buildings and other facilities.
The bill specifies that the boards may also enter into energy cost-savings contracts for increasing meter accuracy, which is defined as a utility cost-savings measure.
The bill also changes the definition of 'operation and maintenance cost savings' to clarify that the calculation must be made on a net basis.
(Note: This summary applies to this bill as introduced.)