CO HB1331

Establishes a green building incentive pilot program administered by the Governor's Energy Office to award grants to qualified homebuyers selling existing residences with below-standard energy ratings and purchasing highly efficient new construction.

Qualified homebuyers may use grants to make energy efficiency improvements (insulation, air sealing, HVAC upgrades, water heating, irrigation systems) to their existing primary residence before selling it.

Requires new residential construction to be at least 25 percent more efficient than the 2006 International Energy Conservation Code, verified by a recognized green building rating system (ENERGY STAR, LEED for Homes, or National Green Building Standard).

Energy efficiency improvements must be completed before closing on the sale of the existing residence, and homebuyers must submit closing documentation within 30 days of construction completion on the new home.

Funds the program exclusively with federal funds transferred to the Governor's Energy Office, including those from the American Recovery and Reinvestment Act of 2009; requires grant reimbursement if the new construction purchase is not finalized.