HB 5417 Summary

• Expands property assessed clean energy (PACE) program eligibility to include residential property in addition to commercial and industrial property, removing "commercial or industrial" language from the definition of "property."

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

• Modifies the definition of "renewable energy resource" to broaden what qualifies as renewable energy, focusing on resources derived from the sun or thermal inertia of the earth while minimizing toxic material output, and explicitly excludes petroleum, nuclear material, natural gas, and coal.

• Adds water usage reduction and efficiency measures to the list of eligible "energy efficiency improvements" that can be financed under the program.

• Authorizes local units of government to issue general obligation bonds to establish reserve funds and pay program creation costs including legal fees, contract preparation, and preliminary energy audits.