AL HB163

Renames the "Property Insurance and Energy Reduction Act of Alabama" to the "Property Insurance Reduction and Capital Expenditure Act of Alabama"

Enables local governments to allow private third-party financing for qualified energy efficiency, water conservation, renewable energy, and storm resilience projects on commercial, industrial, agricultural, and multifamily properties (5+ units)

Allows local governments to place voluntary assessment liens on qualifying properties to secure repayment to private capital providers, with existing mortgage holders required to provide written consent and subordination agreements

Prohibits use of public funds to finance or repay loans under the program, bars governments from pledging full faith and credit, and shields local government officials and employees from liability for program decisions

Repeals provisions for a state loss reserve fund and state regulatory jurisdiction over the program; effective June 1, 2026