OR SB1588

Each electric company must develop and file an inclusive utility investment program with the Public Utility Commission to finance energy efficiency upgrades and renewable energy projects at customer property sites

Qualifying projects include non-fossil-fuel energy efficiency upgrades, electric heat pumps, energy storage systems, demand response equipment, solar photovoltaic and thermal systems, and ancillary equipment

Participating customers must receive immediate and ongoing savings, with financing charges less than estimated utility cost reductions; no upfront payment required, though customers may voluntarily pay down costs

Programs must be accessible to low-income customers and environmental justice communities, include customer protection standards, and maximize use of available financial incentives

Approved programs must be available to customers no later than January 1, 2028, with electric companies required to review existing models including the Pay As You Save system and consult with the State Department of Energy