AR SB679

Amends the definition of "performance-based efficiency project" to include new facilities and existing facility alterations designed to reduce energy/natural resource consumption or operating costs, with changes measured under the International Performance Measurement and Verification Protocol.

Modifies "qualified efficiency contract" requirements to specify that efficiency engineering companies must guarantee annual and aggregate efficiency savings, with guarantees provided through letters of credit, cash escrow, surety bonds, corporate guarantees, or combinations thereof.

Requires qualified efficiency engineering companies to utilize the International Performance Measurement and Verification Protocol to measure and verify savings annually, and to compensate issuers for any shortfall between projected and actual energy savings.

Redefines "qualified efficiency engineering company" to include persons or businesses that are properly licensed in Arkansas, certified under the subchapter, have at least five years of experience in energy efficiency implementation, and can arrange financing and guarantee subcontractor performance.

Establishes that qualified efficiency contracts must include payment and performance bonds ensuring faithful performance of installation and construction, with energy and cost savings covering all project costs including financing over the specified contract term.