HB 5508 Summary

• Amends the Property Assessed Clean Energy Act (2010 PA 270) to expand the program's definition of eligible property by removing the restriction that property be "commercial or industrial," allowing residential property owners to participate in PACE financing programs.

• Modifies the definition of "renewable energy resource" to clarify that such resources come from the sun or thermal inertia of the earth and must minimize toxic material output during energy conversion, excluding petroleum, nuclear, natural gas, and coal.

• Removes the requirement that property owners obtain written consent from mortgage holders before participating in the PACE program.

• Expands the list of water conservation measures as eligible energy efficiency improvements, changing "measures" to "a measure" to reduce water usage or increase water efficiency.

• Adds new program requirements including marketing and participant education provisions, baseline energy audits, and for projects exceeding $250,000 in assessments, ongoing measurement of energy savings and contractor guarantees of savings-to-investment ratios greater than 1.