The bill 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 bill requires the CEO to periodically report on its expenditures to the office of state planning and budgeting and the general assembly.
The bill appropriates $40 million from the energy fund to the CEO to be used for the specified purposes.
(Note: This summary applies to this bill as introduced.)