The act directs the state treasurer to make an immediate, one-time transfer of $40 million from the general fund to the energy fund administered by the Colorado energy office (CEO). The CEO may use the money for its ongoing programs plus the following enumerated purposes:
- Making grants to the Colorado Clean Energy Fund and the Colorado new energy improvement district totaling up to $30 million and $3 million, respectively;
- Increasing the amounts available through residential energy upgrade loans by up to $2 million; and
- Providing up to $5 million in additional funding to the charge ahead Colorado program administered by the CEO.
The act requires the CEO to devote at least 75% of the transferred money to the specified purposes by July 1, 2022, and at least 85% by July 1, 2023, and to periodically report on its expenditures to the office of state planning and budgeting and the general assembly. Although money in the energy fund is continuously appropriated to the CEO, the money transferred by the act is scheduled to revert to the general fund on June 30, 2025, if not used, expended, or obligated by then.
(Note: This summary applies to this bill as enacted.)