Senate Bill 1056 Summary

• Extends the maximum contract term for energy and water savings projects from 15 years to 25 years for cities, towns, counties, and school districts.

• Expands the definition of "energy cost savings" to include water costs, stormwater fees, other utility costs, equipment replacement and repair costs, and potential revenue increases from facility improvements.

• Allows agents (including community college districts, the department of administration, and Arizona Board of Regents) to use simplified energy performance contracts for projects under $500,000 without requiring energy savings guarantees.

• Permits agents to elect shorter capital repayment schedules than required by statute for guaranteed energy cost savings contracts.

• Transfers oversight of guaranteed energy cost savings contract reporting from the governor's office of energy policy to the department of administration.