SB 207 Summary

• Creates an electric vehicle infrastructure fund within the Department of Commerce, Community, and Economic Development to support installation of EV charging stations across Alaska.

• Fund consists of legislative appropriations, gifts, donations, loan repayments, interest income, and proceeds from asset sales or foreclosures.

• Department may issue grants to state agencies, municipalities, federally recognized tribes, and nonprofits; loans available to individuals, corporations, partnerships, and other business entities.

• Loans cannot exceed 10-year terms, must charge at least 4 percent annual interest, require acceptable collateral, and cannot exceed 80 percent of charging station equipment costs.

• Bill prioritizes publicly accessible charging stations with geographic distribution across communities and establishes a foreclosure expense account within the fund; effective date is July 1, 2020.