The House takes up House Bill 1389, which authorizes local governments to loan money to private property owners for renewable energy or energy efficiency improvements that are permanently affixed to real property. The loans would be repaid through assessments. They claim the public interest is served because these loans would be used to meet the renewable energy and energy efficiency portfolio standard (REPS) set out in Senate Bill 3. They also claim this loan program will “contribute to the creation of green jobs.” See notes from committee discussion here.
Local government officials, both city and county, can designate which area(s) within the city the loan program will be available, will decide what kind of improvements may be financed, give written consent for the property owner to buy the equipment, and determine which property owners are eligible to participate which MAY include considering the property owner’s credit-worthiness. The loan documents would be filed with each counties’ Register of Deeds.
Seems like a lot of decisions regarding the loans are up to the discretion of local government officials – and all with taxpayers’ money. Federal stimulus money will used to finance the program. Is this what we are going into trillions of dollars of debt for? Yep.
Bill sponsor, Rep Susan Fisher, D Buncombe, asks for support. With no debate, the bill passes 105 – 13 (all voting no are Republicans). It goes to the Senate next.
