[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Engrossed ] | [ Governor's Message ] |
| [ House Amendment 001 ] | [ Senate Amendment 001 ] |
92_SB0606enr SB606 Enrolled LRB9206069ACtmA 1 AN ACT concerning energy efficiency. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Development Finance Authority 5 Act is amended by adding Sections 7.90, 7.92, 7.94, and 7.96 6 as follows: 7 (20 ILCS 3505/7.90 new) 8 Sec. 7.90. Energy Efficiency Revolving Loan Fund; 9 findings and declaration of policy. It is hereby found and 10 declared that there exists an urgent need to provide 11 financial incentives for the improvement of energy 12 efficiency. It is in the public interest to reduce the costs 13 of energy supplies and services by providing loans, loan 14 guarantees, and interest rate write downs and by financing 15 the administration of loans, loan guarantees, and interest 16 rate write downs and the provision of technical assistance 17 related thereto to fund energy efficiency improvements in 18 governmental, commercial, and certain multi-family and other 19 buildings. 20 (20 ILCS 3505/7.92 new) 21 Sec. 7.92. Energy Efficiency Revolving Loan Fund. There 22 is hereby created the Energy Efficiency Revolving Loan Fund, 23 hereafter referred to in Sections 7.90 through 7.96 as the 24 "Fund". The Treasurer of the Authority shall have custody of 25 the Fund, which shall be held outside the State treasury. The 26 Authority is authorized to issue both tax exempt and taxable 27 bonds on behalf of the Fund. The Authority is authorized to 28 accept any and all loan repayments, interest earnings, 29 proceeds from defaults or delinquencies, appropriations, 30 grants, gifts, loans, or other payments from public or SB606 Enrolled -2- LRB9206069ACtmA 1 private entities, including public utilities, for deposit 2 into the Fund. 3 (20 ILCS 3505/7.94 new) 4 Sec. 7.94. Loan program. 5 (a) The Authority, in cooperation with the Department of 6 Commerce and Community Affairs, shall administer a program to 7 provide loans at no more than 2% interest for energy 8 efficiency improvements. The Department shall assist in the 9 loan application and review process, including the provision 10 of statewide access to technical assistance for the proper 11 completion and submission of applications. Loans may be made 12 either by the Authority or by other lenders using loan 13 guarantees or interest rate write downs provided by the 14 Authority. Loans may be made for either of the following: 15 (1) Projects in governmental, commercial, and 16 certain multi-family buildings in the following 17 categories: 18 (A) In an existing building, with a peak 19 demand of 50 kilowatts or more, to reduce electric 20 demand to achieve an electric load shape that 21 exhibits a ratio of no more than 1.3 to 1.0, 22 peak-to-average load. 23 (B) In a new building, with an anticipated 24 peak electric demand of 50 kilowatts or more, to 25 design an electric load shape to exhibit a ratio of 26 no more than 1.3 to 1.0, peak-to-average load. 27 (C) In an existing building, to reduce natural 28 gas consumption by at least 20% and by at least 29 8,000 therms. 30 (2) The bulk purchase, by an entity with 100 or 31 more members, of domestic high-efficiency energy 32 appliances, energy monitoring devices, or clean 33 small-scale energy production devices. SB606 Enrolled -3- LRB9206069ACtmA 1 (b) The loan repayment period shall be no longer than 8 2 years. 3 (c) The Authority must require suitable proof of 4 expected project performance as a condition for approval of a 5 loan. 6 (d) The Authority shall give priority to projects that 7 (i) demonstrate innovative and efficient ways to achieve 8 demand reductions, (ii) may serve as a model for replication 9 in other locations, or (iii) are proposed by governmental or 10 nonprofit organizations to promote both energy efficiency and 11 improved reliability of service. 12 (20 ILCS 3505/7.96 new) 13 Sec. 7.96. Report. The Authority shall submit an annual 14 report on or before January 15 of each year to the Governor 15 and the General Assembly on the effects of the projects 16 supported by the loan program on the total, statewide demand 17 for and consumption of natural gas and electricity, including 18 recommendations on the need to continue or modify the 19 program. 20 Section 99. Effective date. This Act takes effect upon 21 becoming law.