California Alternative Energy and Advanced Transportation Financing Authority: GoGreen Program.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Utilities and Energy
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill authorizes the California Alternative Energy and Advanced Transportation Financing Authority to create and administer its own financial assistance programs, known as the GoGreen Program. The program aims to provide affordable financing for residents to implement energy efficiency and decarbonization measures, such as energy upgrades and electric vehicle purchases. It will utilize existing ratepayer funds and seek additional funding sources to expand its reach and impact.
Key provisions
- Authorizes the California Alternative Energy and Advanced Transportation Financing Authority to create its own financial assistance programs (GoGreen Program).
- Requires the authority to administer the GoGreen Program, previously known as the California Hub for Energy Efficiency Financing program.
- Allows the authority to use ratepayer moneys collected from electrical and gas corporations, as directed by the Public Utilities Commission.
- Provides financing assistance to lenders to support residents in financing eligible energy efficiency and decarbonization measures.
- Creates the Alternative Energy and Advanced Transportation Expansion GoGreen Program Fund in the State Treasury.
- Continuously appropriates all moneys in the fund to the authority for expenditure.
- Requires interest earned from investments in the fund to be deposited back into the fund.
- Permits the authority to receive and utilize additional moneys from federal, state, local, or private sources.
Bill text
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Sponsors
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1 on record
Primary sponsor
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