Bill > ABX114

This bill aims to expand and improve financing options for energy and water efficiency upgrades and renewable energy installations, particularly by establishing a new "Clean Energy Upgrade Program." This program, to be administered by the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA), will provide financial assistance, such as reserves or other support, to reduce the cost of loans for homeowners and businesses undertaking projects like installing solar panels, electric vehicle charging stations, or making energy and water efficiency improvements. The bill also renames Division 16.2 of the Public Resources Code to "Property Assessed Clean Energy (PACE) And Clean Energy Financing Assistance" to reflect these expanded purposes, and it clarifies that "applicant" for this new program refers to financial institutions providing these loans. Furthermore, it appropriates funds from the Renewable Resource Trust Fund for the program's implementation and administrative costs, and mandates annual reporting to the Legislature on the program's status, benefits, and impact on job creation and savings.