SB 1551 Summary

• Extends maximum contract terms for guaranteed energy cost savings from 15 years to 25 years for cities, towns, counties, and school districts.

• Expands the definition of "energy cost savings" to include reductions in water costs, stormwater fees, and other utility costs, as well as revenue increases from improved facility use.

• Allows cities, towns, counties, and school districts to use shorter capital repayment schedules than those otherwise required by law.

• Updates reporting requirements by transferring responsibility from the Governor's Office of Energy Policy to the Department of Administration.

• Clarifies that energy and water savings account contracts must achieve "lower energy, water or other costs or increased revenue" over the contract term.