AB 1698 Summary

• Discontinues the Electric Program Investment Charge (EPIC) surcharge on electricity bills and repeals the EPIC Fund effective upon the bill's passage.

• Creates the Green and Renewable Energy Enlisting New Technologies (GREEN) Fund with two accounts: the GREEN Account funded by cap-and-trade proceeds and the EPIC Account for previously collected funds.

• Continuously appropriates $200,000,000 annually from the Greenhouse Gas Reduction Fund (beginning fiscal year 2017-18) to the GREEN Account to fund renewable energy research, development, and demonstration projects.

• Transfers all previously collected EPIC funds to the EPIC Account within the new GREEN Fund, ensuring continuation of existing renewable energy programs.

• Renames and restructures the EPIC program as the GREEN program, maintaining oversight by the Energy Commission with requirements for competitive bidding, annual reporting, and intellectual property protections for the state.