SB 1128 Summary

• Revises the California Alternative Energy and Advanced Transportation Financing Authority to establish programs providing financial assistance for renewable energy generation, combined heat and power systems, renewable fuel production facilities, distributed generation and energy storage, and energy efficiency technologies

• Eliminates the $1 billion cap on outstanding debt the authority may incur and removes the $100 million annual limit on sales and use tax exemptions for individual projects

• Authorizes the authority until July 1, 2016 to grant sales and use tax exclusions for projects promoting advanced manufacturing; requires study and reporting on program efficacy by January 1, 2017

• Establishes a new Clean Energy Upgrade Program (PACE financing) to help local jurisdictions finance renewable energy, electric vehicle charging infrastructure, and energy/water efficiency improvements through voluntary property assessments, with up to $50 million appropriated from the Renewable Resource Trust Fund through January 1, 2015

• Requires annual reporting to the Legislature on program activities, including job creation, energy savings, and benefit to property owners