SB 154 Summary

• Establishes a low-interest loan program allowing homeowners to borrow money to convert homes from oil, coal, wood, or other non-natural gas heating to natural gas-fired heating as primary heat source.

• Requires homeowners to obtain an energy audit performed by an approved energy rater at homeowner's expense, which estimates conversion costs and potential savings.

• Loans carry a 1 percent interest rate, 10-year repayment term, and cannot exceed the lesser of the estimated conversion cost or $7,500 per home.

• Eligible homes must be owner-occupied single-family dwellings or duplexes with no more than 25 percent commercial use; ineligible homes include those without natural gas availability, those previously receiving conversion loans, or those planned for destruction or abandonment within 12 months.

• Creates the Natural Gas Home Heating Conversion Loan Fund within the corporation to fund loans, administer the program, and enforce loan terms.