HB 20-1045 Summary

• Establishes a funding formula to ensure consistent state support for energy efficiency improvement programs, including the state weatherization assistance program, beginning in fiscal year 2020-21.

• Requires the state treasurer to transfer funds from the general fund to either the Colorado Energy Office low-income energy assistance fund or the Energy Outreach Colorado low-income energy assistance fund if severance tax revenue transferred to these funds falls below $1 million in any given year.

• Sets the supplemental general fund transfer amount at 75% of the difference between actual severance tax revenue received and $1 million for eligible programs.

• Includes legislative findings that inconsistent funding disproportionately impacts low-income energy efficiency programs, particularly in underserved areas, and that such programs reduce energy usage and save consumers money.

• Sunsets the funding provision on September 1, 2024, and takes effect 90 days after the 2020 legislative session concludes (August 5, 2020) unless subject to a successful referendum petition requiring voter approval in November 2020.