This bill creates a state-run on-bill repayment program to help finance energy efficiency and electrification upgrades for utility customers through their monthly utility bills. It also requires large utilities to establish or expand similar programs and provides $100 million in interest-free funding to support these efforts.
Key Provisions of the Bill1. Establishment of a State Utility On-Bill Repayment Program
The Colorado Energy Office (CEO) must create a state utility on-bill repayment program to help fund energy efficiency and electrification upgrades.
These programs allow customers to finance energy upgrades (e.g., insulation, heat pumps, solar panels) through loans, which they repay through their monthly utility bills.
2. Requirements for Large Utilities
Investor-owned gas and electric utilities that serve 500,000+ customers must:
Propose a plan to the Public Utilities Commission (PUC) for either:
Establishing a new on-bill repayment program.
Expanding an existing program.
The PUC will review and either approve, modify, or reject the plan.
3. $100 Million Interest-Free Loan for Program Funding
State Treasurer will loan $100 million (interest-free) from the Unclaimed Property Trust Fund to the State Utility On-Bill Repayment Program Cash Fund on July 1, 2025.
This money will be used to finance energy upgrades through the repayment program.
The loan must be fully repaid by July 1, 2045.
Summary
Creates a state program for financing energy upgrades through on-bill repayment.
Large investor-owned utilities (500,000+ customers) must implement or expand similar programs.
Provides $100 million in interest-free funding from the Unclaimed Property Trust Fund to support these programs.
Loan repayment deadline: July 1, 2045.
Summary
The bill requires the Colorado energy office (office) to establish
a state utility on-bill repayment program to help finance certain gas and electric utilities' on-bill repayment programs (on-bill repayment program), which are programs through which energy efficiency measures, electrification measures, and energy upgrades installed at utility customers' premises are financed through loans that the customers repay through their monthly utility bill payments. The bill requires gas or electric investor-owned utilities that serve more than 500,000 customers to propose a plan to the public utilities commission for establishing or expanding an existing on-bill repayment program for the commission to review and approve, disapprove, or modify.
The bill requires the state treasurer, on July 1, 2025, to make an
interest-free loan in the amount of $100 million from the unclaimed property trust fund to the state utility on-bill repayment program cash fund, which fund is created in the bill, to support the financing of the on-bill repayment programs. The office is required to pay back the loan by July 1, 2045.
