MI SB0881

Creates a low-income energy assistance fund in the state treasury to receive money from any source, with the state treasurer managing investments and crediting interest earnings to the fund.

Requires the state treasurer to report to the Public Service Commission by December 1 each year on total fund collections and remaining balance from the preceding fiscal year.

Authorizes the Department of Health and Human Services to expend fund money for the Michigan Energy Assistance Program, ensuring funds collected from specific geographic areas are returned to eligible low-income customers in those areas to the extent possible.

Allows the Public Service Commission to annually approve a low-income energy assistance funding factor (nonbypassable surcharge) not exceeding $1.00 per month on retail electric billing meters, with electric utilities required to remit collected funds to the state treasurer within 30 days of each month.

Permits electric utilities, municipally owned electric utilities, and cooperative electric utilities to opt out of the funding factor by filing notice with the commission by April 1, but utilities that opt out must not shut off residential service from November 1 to April 15 for nonpayment.