HI HB2498

Amends Section 36-41, Hawaii Revised Statutes, to change how agencies that perform energy efficiency retrofitting receive budget appropriations for energy expenditures to equal debt service or contract costs plus 50% of additional cost savings for a term not to exceed a specified number of years after the retrofit.

Amends Section 196-21, Hawaii Revised Statutes, to apply the same budget appropriation formula for agencies performing renewable energy system retrofitting as outlined above.

Repeals the requirement that agencies set aside a portion of moneys saved through efficiency and renewable energy system retrofitting to pay for administration costs of retrofitting programs.

Effective July 1, 2050.