AB 2045 Summary

• Establishes the Nonresidential Real Property Energy Retrofit Financing Program to provide financial assistance to owners of eligible nonresidential buildings for energy efficiency, renewable energy, and water efficiency improvements through revenue bonds secured by energy remittance repayment agreement liens.

• Authorizes the California Alternative Energy and Advanced Transportation Financing Authority to issue up to $2 billion in negotiable revenue bonds on behalf of the State Energy Resources Conservation and Development Commission to finance approved energy improvement projects.

• Requires property owners to enter into energy remittance repayment agreements with liens recorded on their property; repayment periods cannot exceed the effective useful life of improvements or 20 years, whichever is shorter.

• Establishes the Nonresidential Real Property Energy Retrofit Debt Servicing Fund with separate accounts for loan loss reserves and administrative costs, funded by installment payments and fees collected from property owners.

• Creates continuous appropriation of fund moneys to repay principal and interest on bonds and cover administrative costs incurred by the authority and commission, with no General Fund costs or liabilities required.