MN SF2342

Establishes an electric vehicle charging station revolving loan fund administered by the commissioner of commerce to finance design, development, purchase, and installation of EV charging stations in Minnesota.

Sets maximum interest rates of 1% for loans to state, governmental entities, and nonprofits, and 3% for private businesses, with 60% of repayments retained in the fund and 40% transferred to the renewable development account until $1,500,000 is reached.

Requires loan applicants to provide project cost estimates, alternative funding sources, repayment plans, and financial information demonstrating repayment ability; all funded stations must be available for public use.

Mandates borrowers charge hourly user fees with at least 25% of collected fees dedicated to loan repayment and operating/maintenance expenses for funded charging stations.

Appropriates $1,500,000 from the renewable development account in fiscal year 2020 for the program, limited to projects in service areas of utilities operating nuclear power plants in Minnesota, with up to 3% available for program administration.