HB1679 Summary

• Creates the Oklahoma Clean Energy Finance Program to provide financing assistance for residential clean energy improvements through loans of up to $12,500 per borrower, with below-market interest rates for low- and moderate-income first-tier and second-tier borrowers based on area median income thresholds.

• Establishes the Clean Energy Program Fund with a loan buy-down account and loan loss reserve account, funded by legislative appropriations and managed by the Governor's Energy Office to compensate lenders for reduced interest payments and uncollectible loans.

• Authorizes the program administrator to recruit and certify contractors to market the program and complete clean energy improvements that increase energy efficiency or replace nonrenewable energy sources with renewable sources for residential properties.

• Creates the Rural Clean Energy Project Finance Program allowing counties and cities to issue tax-exempt private activity bonds in minimum amounts of $1,000,000 to finance clean energy projects (up to 50 megawatts) for property owners within cooperative electric association service areas, with repayment terms not exceeding 10 years.

• Requires annual reports to the Office and relevant legislative committees documenting loan volumes, financial status, energy savings, and program administration; effective July 1, 2015.