The Lineup: California
- Oct 22, 2013
California voters last year approved game-changing Proposition 39, aimed at financing activities helping the Golden State reduce overall annual energy consumption by at least 40 percent by the year 2020.
Over the coming five years, this will entail a total of as much as $550 million pumped into a new Clean Energy Job Creation Fund. As the fund would be dedicated to job-creating activities that boost energy efficiency or generate sustainable power, it would likely capitalize a proposed state green bank still in the conceptual discussion stage – and potentially consolidating several of California’s many energy finance programs under one umbrella authority.
Stakeholders have recommended launching a revolving loan program funded with Prop. 39 funds initially, then incorporating private capital once the fund is established and loan payments can be reinvested into new credits. Proposals likewise have the green bank capitalized in part by the state’s new greenhouse gas emissions cap-and-trade auction revenue pool.
– Brad Berton
View information on how other states have approached green retrofit financing.