SB 1340 Summary

• Adds homeowner electric vehicle charging station funding to the Alternative and Renewable Fuel and Vehicle Technology Program, allowing grants to offset costs of modifying electrical infrastructure for residential plug-in electric vehicle charging stations.

• Expands Property Assessed Clean Energy (PACE) financing to include electric vehicle charging infrastructure alongside renewable energy and efficiency improvements, allowing property owners to finance installations through voluntary contractual assessments.

• Prohibits public agencies from enrolling property owners in PACE programs if total annual property taxes and assessments would exceed 5 percent of the property's market value.

• Requires PACE preliminary reports to include underwriting criteria and safeguards to ensure total annual property taxes and assessments do not exceed 5 percent of property market value.

• Authorizes public agencies (counties, cities, and utility districts) to establish voluntary contractual assessment programs specifically for financing electric vehicle charging infrastructure permanently affixed to residential, commercial, industrial, or agricultural properties.