HB 1157 Summary

• Establishes a voluntary Property Assessed Clean Energy (PACE) program allowing local governments to designate clean energy improvement financing districts and finance qualified improvements through property assessments.

• Authorizes financing of qualified clean energy improvements including renewable energy systems, energy conservation measures, water conservation, and wastewater discharge compliance projects.

• Creates assessment periods up to 20 years based on the expected useful life of improvements, with property owners able to participate voluntarily and withdraw before assessments are recorded.

• Requires the Indiana Utility Regulatory Commission to adopt technical guidelines by June 1, 2014 for determining assessment intervals, calculating projected and actual cost savings, and establishing reconciliation mechanisms for improvements exceeding $250,000.

• Applies to commercial, industrial, agricultural (excluding homesteads), nonprofit, and educational institution properties, but excludes townships and residential properties.