HI SB2804

Allows state agencies to receive annual budget appropriations equal to either their pre-retrofit budget with undefined escalation or actual financing costs plus energy cost escalation needed to repay energy performance contracts for the contract duration.

Extends maximum term for energy performance contracts from 20 to 25 years, including the construction period.

Requires agencies implementing energy performance contracts to submit annual reports to the energy resources coordinator detailing energy use, savings, costs, investments, and incentives.

Defines "annual cost savings" to include reductions in fuel, maintenance, energy, water, sewer, utility costs, and savings from on-site renewable energy technologies like photovoltaics and wind.

Makes technical updates including commissioning and retro-commissioning as allowable energy performance contract components and requires retro-commissioning reporting to the energy resources coordinator.